Homeowners are tightening their belts when it comes to spending in the home, according to a new survey from Legal and General. The group's data reveals that 93 per cent of British people are making major financial cutbacks in a bid to stave off the economic downturn. It found that 65 per cent of homeowners are buying cheaper food, while another 65 per cent were coming up with savvy initiatives to cut gas and electricity bills. Another way in which property owners are said to be saving money is by eating out less, with half admitting they were enjoying less restaurant food. Ruth Wilkins, director at Legal & General, said: "The last few months have been a difficult time for most homeowners. "In addition to seeing house prices fall, most homeowners have also had to contend with a wide range of cost of living hikes that put real pressure on balancing their household budget."She added that it was positive, however, that people were getting involved in cost cutting schemes, particularly with the festive season fast approaching. According to the Energy Savings Trust, people are prepared to pay up to £15,000 more for an energy efficient home.