The government is reportedly to use its flagship housing strategy, which it will unveil later today, to make it easier for older people to move into smaller homes, which could free up larger properties for families.

Dean Lamble, CEO at Over 50s provider SunLife, said: “The latest figures from SunLife’s Big Fifty research – the UK’s biggest survey of people over 50 – shows that on average, 22% of over 50s still have a mortgage.

“The average amount left outstanding is £69,628 – typically more than a quarter the value of their home and almost a third of the average UK home.

“We have also found that more than a third of people over 50 have either already downsized or are considering doing so.

“However, SunLife’s Big Fifty research also shows that equity release is a consideration for more than a fifth of those aged 50+. So, for those who either cannot find a suitable property to downsize to, or are reluctant to give up the family home, this could prove to be a good option.”