ALMOST a quarter of pensioners who own their own home are planning to become last-time buyers.
New research from the Prudential says that 73 per cent of the UK's 10.4m pensioners are home-owners.
Of these, 26 per cent expect to sell their property, with most – four in five – planning to buy another.
This is equivalent to around one million homes being bought and sold by pensioners, many of whom will release substantial amounts of cash by downsizing – on average raising as much as £62,000.
The convenience of running a smaller home was the most commonly stated motivation for those who plan to downsize: 48 per cent say they want a simpler life. Separately, 22 per cent claim that raising money is the main driver for their sale, while 11 per cent want to reduce household bills.
Stan Russell, retirement expert at Prudential, said: "Housing wealth is potentially a significant source of additional retirement income for pensioners who own their own home."