The pandemic has also played its part by changing mindsets and encouraging us to free up cash to make the most of life while we are able.

There are various routes available to you when downsizing and we list some of them below but think carefully before you put a plan into action and do a cost-benefit analysis.

Moving costs include an energy performance certificate, which you must have before marketing your property. This is between £60 and £120.

There are various routes available to you when downsizing and we list some of them below but think carefully before you put a plan into action and do a cost-benefit analysis.

Moving costs include an energy performance certificate, which you must have before marketing your property. This is between £60 and £120.

Then there are estate agency fees, which are generally between one and 3.5 per cent of the agreed sale price of your home.

You will also need a conveyancing solicitor and average costs range from £1,690 for selling a house to £2,239 for buying one.

When you come to buy another home, you will need a surveyor to ensure it is in good order and that bill averages between £500 and £1,500.

There will also be stamp duty if the property you are planning to buy a home costing over £250,000.

However, according to Savills, in Yorkshire, there are over 350,000 under-occupied properties with an average value of £251,600 and the average unlockable value from “rightsizing” is £80,500.

When you have done the sums and taken lifestyle into account and you want to follow the dream of releasing money from your home by moving to a smaller property, here are some options:

*The most straightforward move is to buy a smaller less expensive home in your chosen area or an area where house prices are cheaper.

You may want to consider a bungalow or an apartment with a lift, that will help you stay in your own home if you become less mobile.

Bungalows come at a premium as they rarely built these days but that also means they tend to hold their value well.

Jill Lord, 64, moved from a remote barn conversion to a bungalow within walking distance of the town centre.

She says: “My husband had passed away and he loved our house so it felt like a betrayal when I sold it but it has been for the best.

“I had £60,000 left over from the sale, which makes me feel more secure.”

*Apartments are a popular option and have advantages, such as generally being able to lock up and leave more securely.

However, it’s vital you do your homework by asking other residents about the management of the building as it’s not always up to scratch.

Factor in an annual ground rent and service charge, plus if the freeholder wants to carry out major work to the building, it may be stipulated in your lease that you need to contribute to the cost. Any other issues should be picked up by your conveyancing solicitor.

*Retirement living property. There are various options with this type of home, which is leasehold and again you should choose carefully. These properties are rarely a good investment financially and there will be extra charges but a retirement apartment can bring rich rewards in terms of quality of life.

They come with a ready-made community and facilities that allow you to befriend others. Adlington Retirement Living has three communities in Yorkshire.

The Spindles in Menston, Jacobs Gate in Sheffield and Adlington House in Otley. Prices start at The Spindles £159,950 for a one-bedroom apartment.

In common with other retirement communities, there is a weekly service and wellbeing charge and this starts at £155 and funds communal facilities, including the restaurant, cinema room, activities studio, communal area cleaning, estate management, window cleaning, water usage, buildings insurance and the on-site support team.

The leasehold apartment owners pay their own council tax, electricity bill, contents insurance, phone line rental and TV licence.

When you sell, you pay a Communal Facilities Fee of three per cent per annum of ownership, capped at six years and a maximum 18 per cent of the sold price.

If a property has been owned for four years and seven months and sold for £300,000 the fee payable would be £45,000.

Anne, who moved to Jacobs Gate in December 2020, says: “I’m very happy. I think partly it’s because I’ve got people around me. It’s lovely to be somewhere where things are happening and I feel as if I’ve joined life again rather than being locked away from it.”

*Park homes. These offer a ready-made community. Prices range from about £70,000 to over £300,000 plus a site fee per month, usually between £135 – £190 a month, plus council tax and utility bills.

Check with existing residents to get their thoughts on the site and remember that park homes do not generally retain their value and the site owner can receive commission on their sale of up to 10 per cent of the property’s value.

Options for downsizing in later life and why it pays to do your sums and your homework