The huge majority of over-65s who are considering a move, are doing so because of financial difficulties, according to research by Prudential.

However, Prudential also says that over-55s are demonstrating a different trend – choosing to move house to improve their lifestyle.

Well over half of people who have moved since turning 55, did so purely for lifestyle reasons. The most popular choice was a move to the country, the coast or to sunnier climes. Only a third of over-55s moved home due to financial difficulties. But this figure rockets when looking at those aged 65 or over. In fact, a staggering 86% of people aged over 65 who are considering moving home are doing so because they need the money.

Ali Crossley, director for Prudential’s Lifetime Mortgages, said: “Our research suggests a new trend is emerging: over 55s are making a lifestyle choice, and moving home to improve their quality of life. We all dream of moving to the coast or being closer to our families – and these so-called ‘lifesizers’ are living the dream.

“However, once they start eating into their pension, ‘downsizing’ may be forced upon them.

“Aspirations and the reality of living in retirement are two very different things. Although many of us hope to live in our dream home forever, financial difficulties can hit many pensioners, who find that they need to move to release the equity in their homes.

“What many of these downsizers still don’t realise is that they could take out a lifetime mortgage, which could make their retirement more comfortable as well as enabling them to stay in their dream home.

“Lifetime mortgages are becoming increasingly popular, as more people realise the benefits, and we expect this market to grow dramatically.”