The high street bank’s comments come after the government has pledged to build 1.5 million homes over the next five years — to begin to plug a 4.3 million shortfall of homes across the country.

However, several housing bodies say one way to address this shortage is to encourage older couples to move out of larger three- to four- bedroom family homes to make way for young families.

Around 85% of owner-occupied homes in England and Wales contain one or more spare bedrooms and are therefore under-occupied, according to a Barclays report called ‘Right-sizing Revolution: unlocking untapped capacity in the housing market’.

The survey says: “An estimated 1.7 million households are already open to right-sizing within the next one to two years.

“However, with the right policy interventions this could rise to as many as 3.8 million estimated under-occupiers encouraged to right-size at some point in the future, freeing up much-needed ‘spare’ capacity.”

The study points out that getting older couples to move from family homes can be a wrench.

It says 61% of under-occupiers “feel an emotional attachment to their current home because of memories and the effort they have put into their property”.

But it adds that 45% of under-occupiers are motivated to move due to cost pressures, with 39% saying they want a home that “requires less maintenance,” while 26% add they would like “a cheaper home”.

The report puts forward five solutions to “tackle some of the barriers to right-sizing and tap into existing motivations for movers”.

• Broaden perceptions of under-occupiers beyond just older people – 36% of under-occupiers are aged between 45-64 years old • Target this group with financial incentives, such as stamp duty rebates for downsizers • Making home buying simpler and less stressful “would benefit all home movers, including right-sizers” • Encourage local authorities to work with housebuilders, local media and key stakeholder groups to improve the visibility of new housing new developments • Build more retirement and age-suitable housing

Barclays head of mortgages and savings Mark Arnold says: “Housing supply shortages are well documented and we fully support the government’s ambitious house-building plans.

“However, a stronger, more holistic strategy is needed to tackle the immense issues faced by the housing market, including the challenges faced in the demand side.”

Barclays report includes a nationally representative online survey of 4,324 adults conducted by research agency Ipsos.

Propertymark chief executive officer Nathan Emerson adds: “While right-sizing will likely free up a bit of extra cash and lower expenses through energy bills, reduced maintenance costs and in some cases a smaller council tax bill, there are additional costs which can add up and deter people from making their all-important move.”

“Therefore, it’s really important for the UK Government to reform the current Stamp Duty regime for downsizers and incentivise people to right-size to help create further fluidity in the housing market to free up larger properties for growing families in prime locations. As well as this, a focus needs to be placed on ensuring more suitable homes, such as bungalows are being built in the right places making it easier for older people to find appropriate homes.”