Love-struck couples looking to tie the knot are cutting back on the amount they spend on their big day, according to a new survey.

Over half of people think that the cost of a wedding should come in at £10,000 with just nine per cent prepared to splash out more than £16,000, according to Halifax Personal Loans.

Another quarter believes that the budget should be even lower, between £1,000 and £5,000 with nine per cent tightening their belts further to bring the cost of the big day under £1,000.

But younger people are prepared to fork out more than their older counterparts. One in five Brits aged between 18 and 25 would spend over £15,000 compared to ten per cent of those aged between 25 and 35 and just eight per cent of the 35 to 44 age group. Those aged over 65 would try to keep costs down to under £1,000.

Northerners are the biggest spenders with four per cent saying that forking out more than £50,000 for the wedding of their dreams would be worth it. But almost one in five of those in the south-west balk at paying more than £1,000.

And when it comes to the honeymoon, the average couple pays out £2,475 with nearly half of those surveyed agreeing that £2,000 and £4,999 is the right amount to pay. One in five would splash out more than £5,000.

Ian Corfield, head of Halifax Personal Loans, said: "Weddings seem to have been back in fashion in recent years and we have seen average costs increase dramatically.

"However, our survey suggests that there may be a change in opinion as to how much couples should spend. It may be that the costs typically involved have reached a level which is no longer considered reasonable.

"In contrast, people seem generally more comfortable with average honeymoon costs and do not see this level of expense as unreasonable or over inflated."