The survey found that on a national level, 15% of UK homeowners, some 6.3m adults, are considering downsizing during the current five-year parliamentary session.

There is a North/South divide in those expected to downsize in the near future, with one in ten (10%) of those in the North contemplating this, compared to 14% of those in the South (with the 25% figure for London only showing an even wider differential).

Suffolk Building Society believes that current house prices and mortgage rates, as well as increased living costs, are contributing to this downsizing trend. With UK homes costing an average of 8.5 times the average earnings, many will likely consider downsizing not only to free up money for themselves, but also to help younger family members step onto the property ladder.

Commenting on the data, Suffolk head of intermediaries Charlotte Grimshaw said: “Not every downsizer needs a mortgage, but an increasing number do, due to the rising cost of living and current property prices. For some, it’s a repayment vehicle for an existing interest only mortgage that’s come to the end of its term. Therefore, it’s an important conversation for brokers to be having with their clients.”

She added: “Downsizing could also help to free up some of the UK’s housing stock and create momentum in the market for buyers, with larger houses becoming available for growing families. Over time, this may make it easier for more people to get onto the property ladder, as housing stock becomes available at the lower end. It could also benefit those further up who may be feeling the financial squeeze from the cost of living or looking to support their grown-up children.”