Many over-55s downsize 'to fund retirement'

New research has found that 22 per cent of over-55s sell their homes and downsize to boost their retirement funds.

Almost half of Britons are worried that they do not have enough cash to maintain a comfortable lifestyle after they finish working, savings provider Birmingham Midshires has revealed.

The organisation found that 22 per cent of people plan to downsize to plump up their retirement nest egg - many of which may decide to embark on a self build.

Jason Orme, editor of Homebuilding and Renovating Magazine, told the Telegraph that self Build is for people of all ages: "There is a big myth that selfbuild is young and contemporary … We find that the majority of self builders are around retirement age."

Retirement in the UK costs the average household £413,000, according to the 2008 cost of retirement report issued by Life Trust Insurance.