More than 1.4 million homeowners in the UK aged over 65 will consider downsizing in the next five years, but they are struggling to find the right kind of property, new research suggests.

Not only are there not enough appropriate properties for them to move into, but they are also concerned that the potential financial gains from downsizing are not high enough, according to a study from financial specialist Key Retirement.

Some 30 per cent of over-65s who own their own homes - the equivalent of 1.45 million owners - want to find a more suitable home as they get older.

Across the country more than 620,000 over-65s say they have looked into downsizing, but cannot find a suitable home in their area, while another 500,000 say they’ve considered moving, but would not be much better off financially.

Not being able to move in retirement is a major concern for 53 per cent, as they are concerned about being able to maintain their home, while 27 per cent are worried about affording the maintenance needed on their property.

“Downsizing should make financial sense for older homeowners,” said Dean Mirfin, chief product officer at Key Retirement.

“But despite the numbers of older home owners wanting to downsize, it is clear they face problems in finding suitable homes for retirement and for many the finances just don’t add up. Unfortunately, that leaves them struggling to maintain homes, and in many cases, struggling financially.”