The HPS, which began being trialled in Q4 last year, is being rolled out across Inspired Villages retirement communities. These are based in six locations in the UK and the communities are about to expand with a further 2,500 homes being created in the next six years.

Those potentially using the scheme will have their property valued by three independent estate agents and Legal & General (L&G) will offer a guaranteed cash sale at 95% of fair market value.

L&G said current sales using the HPS had reduced exchange times from an average of six months to just four weeks, with negotiable move in dates.

Indeed, the aim of the scheme was to reduce a large part of the stress involved in the buying and selling process by avoiding anxieties which can occur because of events such as chains collapsing.

L&G cited data from Quick Move Now, which revealed one in four sales fell through before completion in 2019.

And it said a survey from Which? also highlighted anxiety related to moving home, which was rated the second most stressful life event, after divorce, by respondents.

L&G’s scheme offers what it described as an attractive, stress-free and faster option for those wanting – or needing – to move into a well-run retirement community.

It said for those in later years, trapped in homes which were no longer safe or fit-for-purpose, the accelerated process could be critical to their long-term wellbeing.

Phil Bayliss, CEO of later living at Legal & General Capital, said: “With 3.1 million over 60s seeking to downsize their homes, and priorities rapidly changing in light of the pandemic, we are keen to ensure that Inspired Villages is able to offer this opportunity to as many people as possible, as quickly as possible.

“The introduction of the Home Purchasing Service will enable more people to move into a manageable sized property, whilst releasing capital, saving on bills and enjoying the benefits of an Inspired village.

“This is about us helping our customers move quickly, with certainty and minimal fuss.”

Inspired Villages was established by Legal & General in 2017 to build and operate retirement communities that enable their residents to live healthier, happier, safer, and more independent and active lives.

The latest policy is part of its expansion programme for Inspired Villages, broadening its existing offering which already includes a generous move-in package and a rental option which was launch in 2020.

Jamie Bunce, CEO of Inspired Villages, said: “At Inspired Villages, we are all about creating great options for residents in order to suit their individual needs. We want more people to be able to access the lifestyle, security and health benefits on offer at our retirement communities, and the new Home Purchasing Service provides a new route, which can speed up the moving process.

“Property chains collapsing is a disappointment we all know too well. In later life, it can be critical, for those trapped in homes which are no longer fit for purpose.

“We hope our new Home Purchasing Service will offer potential residents’ certainty of sale, whilst – together with our moving package – removing the hassles and stress. Once fully established, we are hoping that 25% of sales will come through the part-exchange programme.”