Increasing numbers of over-65s would consider downsizing if there was a Stamp Duty exemption, research shows.

A poll by retirement house builder McCarthy & Stone found that 38% of over-65s would consider downsizing now, with an additional 10% encouraged to move with a Stamp Duty exemption, a rise of 4% from a similar survey last year.

Clive Fenton, chief executive of McCarthy & Stone, said: “The rise in the number of those who want to downsize is an inevitable consequence of the UK’s rapidly ageing population.

“Within the next twenty years, those aged 65 and over are expected to grow by almost 50%, which will expose the UK’s grossly inadequate level of suitable housing for older people if we maintain the current status quo.

“The Government must build on the positive wording in the Housing White Paper and consider how it can influence market supply.

“The Government’s Help to Buy scheme and other initiatives aimed at first-time buyers have spurred market supply of homes at that end of the spectrum, but nothing has been done to help the housing choices of those in later life.

“We really need a strong planning policy presumption in favour of retirement housing and other forms of suitable housing for our ageing population.”

Separately, Retirement Homesearch, which specialises in property for older people, said there was only a tiny rise in instructions in the second quarter this year compared with the same period last year. The agency’s current stock is 761, up from 743 at the same time in 2016.