MANY older homeowners do not want to downsize, in order to leave space for visiting grandchildren, research reveals.

Despite the financial advantages of moving to a smaller property, about half say they are not considering this.

According to the study by Lloyd’s Bank, some 45 per cent are not thinking of downsizing to a smaller property despite their children leaving home.

In addition, 63 per cent of "empty nesters" admit that they like the newly-found space and take joy in rediscovering their independence.

Some 41 per cent say they are now better off financially and 37 per cent find they are able to spend more quality time with their grandchildren.

Being financially better off has also meant that they have been able to travel on more holidays, while six per cent have had the chance to pursue a lifelong dream.

Andy Mason, Lloyds Bank mortgage products director, said: “Contrary to the belief that this time in a parent’s life is lonely, a lot of 'empty nesters' are now enjoying being able to travel more and chase lifelong dreams.”

However, not everyone has gone off the downsizing model, which is used by many to free up equity and supplement finances in retirement years.

A whole 26 per cent of those surveyed do not enjoy having an empty house and 14 per cent say it is hard to live in a family home now it feels empty.

Some 40 per cent admit their house is too big but they will not consider moving to a smaller property as they have built strong ties with the community they live in.

A further 32 per cent say that they are financially comfortable so have no pressing reason to downsize and 29 per cent say that moving would be too much of a hassle.

Surprisingly, almost a fifth (19 per cent) said that their children’s bedrooms remain unchanged since they’ve moved out and two per cent of empty nesters rent out their spare bedrooms on sites such as Airbnb.

Two in five (43 per cent) have also made improvements to their home since their children left – mainly to kitchens and bathrooms.