Home-movers go it alone over costs

Last Modified: 13 Jun 2008
Source: PA News

More than half of people moving home plan to carry out the process themselves in a bid to cut costs, research shows.

Around 52% of people said they would not be using removal men to try to save money, while 10% will even try to sell their home themselves to avoid paying estate agents' fees, according to Lloyds TSB.

But despite trying to cut costs, 85% of those questioned admitted they were unable to stick to their budget, while 29% did not bother to set one.

The average homeowner spends £7,434 on the total cost of moving, including estate agents' and solicitors' fees and removal costs, with one in five spending more than £15,000.

Six out of 10 people said they had gone without holidays in the run up to buying a new home to help them meet moving costs, while 56% cut down on meals out and 48% bought less clothes.

Alison Burns, mortgage sales director at Lloyds TSB, said: "In the current economic environment it's not surprising that consumers are taking a more cost-conscious approach to moving home."

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