Retirees are sitting on property worth £1.34 trillion - more than the combined economic output (GDP) of Czech Republic, Greece, Portugal, Ireland, Finland and Denmark.

But more than a third of people aged 65 and over would like to move from their current home if a suitable property became available.

If they all did so, it would not only unlock an estimated £483bn of housing wealth but would lead to 4.2 million homes coming on to the market, freeing up urgently needed family homes for those further down the property ladder.

Strong house price growth in recent years has left the over-65s sitting on significant housing wealth.

With pension payouts falling, 61 per cent of this group expect to use at least some of the money they have tied up in property to fund their future social care needs.