A study has highlighted the regional variation in downsizing preferences in retirement, with 35 per cent of Londoners planning to do so compared to 11 per cent of people in Scotland.

The survey, conducted by Opium on behalf of Hargreaves Lansdown, found that almost one in five (19 per cent) people planned to downsize in retirement, whilst 40 per cent of people have ruled it out entirely.

Hargreaves Lansdown also revealed that downsizing was an option many considered but as they get close to retirement many decided against it, as 21 per cent of people aged between 25-34 said it was an option compared to 11 per cent of those aged 65-74.

Of those who decided against downsizing, the survey found that 33 per cent said they were too attached to their home, 22 per cent said it was too expensive and a further 22 per cent said they already had enough money.

Hargreaves Lansdown senior pensions and retirement analyst, Helen Morrisey, commented: “Downsizing can seem the ideal way to plug retirement income gaps but the reality of actually doing it is much harder than first thought.

“Moving to a smaller property can look like a sensible choice, the children have left home and you have spare room, but the emotional pull of leaving the home you’ve raised a family in can prove too much.

“This is especially the case if you have friends and family close by – you are unlikely to want to move away from such a valuable support network, particularly as you get older when you may be in more need of support."

Morrisey also detailed other options for people looking to use their property to support their retirement income, such as equity release, as she emphasised its viability so long as the fees involved are considered.

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