Home movers ‘cut back on costs’

British homeowners are now more likely to undertake removals themselves to save money, said a mortgage expert.

New research from Lloyds TSB Mortgages has found that over half (52 per cent) of homeowners who have moved in the past year or plan to move in the next year moved their belongings without the help of professionals.

From 1,000 people questioned, the bank found that an average of £7,434 is spent on moving costs and a fifth shelled out over £15,000.

Estate agents are also being cut out by ten per cent of homeowners, who plan to sell privately to reduce costs.

Director of network mortgage sales at Lloyds TSB, Alison Burns, said it was “not surprising” that property owners are looking for ways to save money and earn rewards on spending.

However, she warns that some aspects of buying should be left to experts: “There are some areas where you should not cut corners, such as legal fees and a thorough survey, as this could end up costing you more in the long run,” she said.

Meanwhile, mortgage expert Legal and General has advised homeowners to take out mortgage insurance to avoid “financial disaster”.

© Adfero Ltd

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