Three in five over-55s now want to live in a property suitable to their changing needs.
According to new research from retirement living specialist, Audley Villages, more than half of people over the age of 55 are actively considering downsizing to free up some of their wealth.
More than 2,000 adults in the UK were surveyed, and 886 people over 55.
Of those planning to move to a smaller home, 43% said they would use the money to support their lifestyle, 41% said they’d spend it on holidays and 39% said the money would go towards home improvements.
Around a fifth, 22%, said they would use the money to help their loved ones.
The survey also suggested that three in five over-55s want to live in a property suitable to their changing needs while half want to cut the amount of maintenance needed and just less than half want a smaller home to cut running costs.
The Office for National Statistics forecasts that by 2030 there will be more than 15 million people living in the UK over the age of 65. This is 2.4 million more than today.
At the start of the year the government announced the creation of the Housing with Care taskforce with the aim of improving the number of housing options for people as they get older.
Another retirement developer Beechcroft Developments said it plans to quadruple the number of specialist retirement homes it builds over the next five years after seeing a “significant rise” in demand for retirement communities.
According to the firm, seven buyers are now registering for every home they build. Meanwhile, Close Brothers Property Finance said it planned to up lending to fund new retirement communities.