Most older homeowners – 70% of the 1,000 asked by Key – have no plans to downsize.

And although 29% of survey participants say they do plan to downsize within the next five years, the equity release lender found that only 13% of over-75s went ahead and did so.

When asked why they did not want to downsize, 31% replied that a smaller house would not suit them and 25% said they already lived in their ‘forever home’.

Meanwhile, 23% expressed no desire to move away from their community, 22% considered moving house to be ‘exhausting’, and 16% said there would be no financial benefit to doing so once costs were taken into account.

The research also found that as people become older, attachment to their house grows, as does reassurance that ‘I know how everything works’ – although ‘happiness due to good memories’ does tail off with age.

Of those people looking to downsize, 43% believe it would be easier to look after a smaller property, 38% that it would be cheaper, and 27% want more money to retire with.

And of particular note is that 17% found the rising cost of living to be driving this consideration and 5% in order to repay debt.

Just 8% plan to downsize to raise money to help their families.

Key chief executive Will Hale comments: “As people age, downsizing is often suggested as an opportunity to release some of the value tied up in their homes and find a property which is more age appropriate. 

“However, this research suggests that as people age, their home as well as the community they live in provides them with confidence, reassurance and security with the main driver behind any potential move being economic necessity.”