The UK could be on the brink of a huge property shift as 5.7 million people consider moving to smaller homes, new research suggests – but they could find few suitable homes to move to.

Half of those aged 65 and over would be tempted to downsize, an increase of 300,000 people in the past 12 months, according to the latest data.

About 38 per cent of the age group would consider downsizing now, with an additional 10 per cent encouraged to move with a stamp duty exemption, says housebuilder McCarthy & Stone as part of its annual Retirement Confidence Index.