According to a Prudential study, 47% of adults over 50 are choosing to downsize their home for an easier lifestyle.

A survey of more than 1,000 homeowners aged 50 and over shows almost half are planning to downsize to a cheaper property.

Wanting a smaller garden fuels the motivations of 34% of those that answered the poll.

On average those who will relocate to a smaller property are hoping to make £112,000 in profit by doing so.

One in ten hope to raise £200,000 in equity and one in seven over 50s say they cannot afford to retire if they do not resize their house.

A struggle in finding suitable housing means 38% of homeowners are unable to downsize.

Almost a quarter are put off by the additional costs such as stamp duty, solicitor and estate agent fees.

Challenge the common theory that ‘my house is my pension'.

Vince Smith-Hughes a retirement income expert at Prudential
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Vince Smith-Hughes, a retirement income expert at Prudential, said: “It is interesting to see that these figures challenge the common theory that 'my house is my pension'.

“With the average amount of equity raised likely to be just over £100,000, and with many other demands on this cash – such as helping children, paying off debts and putting money aside to pay for care in the future – it is clear that for most people the best way to fund retirement is through saving as much into a pension as early as possible in their working lives.

“Most people who are considering making major financial decisions, such as selling their home, in the run up to retirement should benefit from a consultation with a professional financial advisor and the free guidance on their pension options available from the government’s Pension Wise service.”

Across the country Prudential’s research found that among over-50s, those living in Northern Ireland (63%) and the East of England (60%) are the most likely to downsize their property.

Homeowners in London, Scotland and the West Midlands are the least likely to sell up and move to smaller house.

With the extra cash, 47% of over 50s will make the most of their retirement and go travelling around the world.

The poll shows 13% purposely sell their house to help their children get a foot onto the property ladder.

Despite the research showing a surge in over 50s downsizing their homes Catherine Foot, the director of evidence for the Centre for Ageing Better, believes the government needs to do more to provide accessible housing for the elderly population.

Ms Foot predicts that by 2025 there will be 1.5 million households that are headed by someone over 65 years old.

According to a blog written by Ms Foot, only 7% of houses in the UK meet the basic standards of accessibility.