When the firm last analysed this market, in 2018, this figure stood at over a quarter, or 26%, of households, meaning there were then 3.1 million potential houses to be sold.

Following the pandemic, the survey says, “the main reason among homeowners aged over 55 was that they don’t want to leave the community they live in, with the Covid-19 pandemic further emphasising the importance of having friends and family close by”.

The report dubbed this group ‘forever homeowners’.

It added that this older group were comfortable in what tend to be larger homes during the health crisis.

The report found that 24% of over 55s said they have enjoyed having more space during lockdown, and don’t want to give that up, while a further 13% deciding to invest in their current home rather than move on.

The total property wealth among the over 50s is estimated to be £3.8trn, with 74% of those aged 55 and over in the UK owning their own home, according to the Office of National Statistics.

The drop in over 55s considering downsizing means that over the course of the last three years, there has been a growing trend of those who now want to stay put in their current homes.

However, the 2.9 million older households who may sell their home still hold considerable property wealth, with the current value of the housing stock in Great Britain standing at £767bn, although this is a drop from £938bn when the analysis last took place in 2018.

The study also points out that these ‘forever homeowners’ are open to reassessing their decision in the near future.

It said nearly a quarter of over 55s who haven’t sold their home stated that they would still consider downsizing but want to see how their financial situation develops before deciding, accounting for 12% of this group, or are uncertain about the housing market currently, accounting for 10%.

Legal & General Financial Advice chief executive Sarah McLeish says: “The impact of Covid-19 has clearly changed the mindset of many older homeowners, and we can see there has been an uplift in those who want to keep hold of their home.

“Over time, priorities can change, and it is only natural that over the course of the 16 months people have grown closer to their local community, valued having family nearby and enjoyed having the space to relax while in lockdown.

“Of course, the decision to move home is a big one, particularly in later life, and there are practical considerations, as well as emotional ones.

“Our research suggests many over 55s are still open to the idea of moving, but are mulling things over before making any decisions, so we may see a shift in stance now that lockdown has eased.

She adds: “A property is often our most valuable asset and deciding not to downsize presents a potentially difficult situation if the funds are one day required to supplement retirement, or gift money to a family member.

“For those who don’t want to move, unlocking some of the equity tied up in their housing could therefore prove a huge help, particularly when the time comes to make a home fit for older age.

“While this may be a lifeline for some, for anyone thinking about this route, it’s important to consider all of your options and seek proper advice before doing so.”

The Legal & General Financial Advice poll was carried out by data group Opinium Research who ran a series of online interviews among a panel of 2,000 UK adults, of which 603 were homeowners aged 55 and over, from 23 July to 27 July.