Almost four million over-55s plan to downsize to a cheaper property later in life, research from Prudential has revealed.
Almost three quarters (74%) rated convenience as their main reason for downsizing compared with just 28% who said they were doing to for financial reasons.
Those living in Northern Ireland (63%) and the East of England (60%) are the most likely to downsize, whereas those living in London (41%) are least likely to move to a smaller property.
According to the research, concerns over a shortage of homes suitable for retirement, fees and high property prices are the main reasons deterring older homeowners from downsizing.
Vince Smith-Hughes, head of business development at Prudential, said: “It is interesting to see that these figures challenge the common theory that ‘my house is my pension’.
“Although we see a large proportion of those taking equity from their homes to boost their retirement incomes, most people have accepted that the main reason they need to move home in later life is for convenience.”
Downsizers expect to make an average of £112,000 by selling their properties, with one in ten expecting to make over £200,000.