19% of people plan to downsize in retirement, according to Hargreaves Lansdown.

Just 40% have ruled it out altogether.

There were large regional variations with 35% of Londoners saying they planned to downsize compared to just 11% of people in Scotland.

Hargreaves Lansdown said downsizing is an option people often consider, but as they get close to retirement many decide against it. In its survey 21% of people aged between 25-34 said it was an option compared to just 11% of those aged 65-74.

Of those who decided against downsizing, 33% said they were too attached to their home. A further 22% said it was too expensive. Another 22% said they already had enough money.

Equity release was an option for 8% of people.

Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said: “Downsizing can seem the ideal way to plug retirement income gaps but the reality of actually doing it is much harder than first thought. Moving to a smaller property can look like a sensible choice, the children have left home and you have spare room, but the emotional pull of leaving the home you’ve raised a family in can prove too much. This is especially the case if you have friends and family close by – you are unlikely to want to move away from such a valuable support network, particularly as you get older when you may be in more need of support.

“There are other options for people looking to use their property to support their retirement income – just under one in ten people said they planned to use equity release. This can be an option as long as you consider the fees involved and that they roll up over time and have planned for this. It is a good idea to take specialist advice beforehand to ensure you understand what it means for you.

The advent of auto-enrolment means more people will approach retirement with pension savings. Building up a good level of pension over the course of your working life means you can plan for the future without having to worry about having to make big decisions like downsizing to plug any potential gaps in income.”