Why more of us are contemplating downsizing our home and tips on how to do it successfully

“Some have intended to downsize at some point but they are bringing that decision forward. Others are looking at shutting off part of their house and heating only the areas they use most.”

However, Simon has this warning for anyone thinking of moving to a smaller home: “My advice is don’t go too far. By that I mean think about what you need to live comfortably. Consider the living areas as well as the number of bedrooms and think about whether you would miss having a garden and whether grandchildren might come along at some point.

“There is no point downsizing early to a very small property that is cheaper to run but will make the last 20 years of your life miserable because there isn’t enough space.”

While the market has slowed and prices in some areas of Yorkshire have slipped slightly, leaving less choice, Simon adds: “This is a traditionally quieter season for the property market but we are still very busy valuing homes ready for launching them onto the market in February and March next year.”

Over at Dacre, Son & Hartley estate agents, Head of Residential Patrick McCutcheon also notes that there has been far more buyer interest in properties that generate their own energy via solar panels and air source and ground source heat pumps.

“This is something that has become noticeable in the last few weeks and we see that in terms of saleability of a home, they are now an asset.”

He adds: “I don’t think we have reached the point where spending extra on renewable energy generation adds to the price of a property but in the medium to long term I think that could change. For now it is definitely a selling point.”

Along with lower energy bills, downsizers are likely to benefit from the equity they have built up in their property. Recent analysis from property group Savills revealed that older households could unlock a considerable sum of money by moving to a smaller property.

It notes that in England alone, there are 3.643 million homes owned by over 65s with at least two spare bedrooms. 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. That figure drops to £60,000 in the North East and over £239,000 in London.

According to the English Housing Survey, the number of those over 65 who own their own home has risen by 27 per cent over the past 10 years and of these, 94 per cent own their property outright and 41 per cent have lived there for 30 years.

The data suggests that two thirds of these owners are under occupying their homes with many nervous of moving due to upheaval and finding a suitable property.

Lucian Cook, head of residential research at Savills says: “With the costs of running a home increasing so rapidly, the financial benefits of downsizing are likely to come to the fore and this will outweigh the fear of a house move.”

Cathy Rogers, 76, sold her three-bedroom, semi-detached house near Keighley for £285,000 two years ago and bought a small, two-bedroom, semi-detached bungalow for £180,000.

“The hardest part was getting rid of things as I had accumulated quite a lot over the years. My two daughters helped me and they brought some perspective to the situation. There were drawers stuffed full of stuff I hadn’t looked at in years.

“As for my furniture, I gave what I didn’t need to a charity and that felt good. I gave some of the profit from selling my previous house to my children and grandchildren and I’ve also been on a couple of cruises with friends.

“I have no regrets about downsizing, especially now energy bills have gone up.”

Cathy’s home is within walking distance of a bus stop and there is a shop at the bottom of her road with the centre of town a brisk 20 minute walk away.

Those who have entered their golden years should note that being able to drive might not always be a given so easy access to amenities and public transport may be a Godsend.

The ability to live on one level may also be useful in time. It doesn’t mean you have to buy a bungalow or an apartment that is on one level. It may mean being able to convert a second sitting room or dining room into a bedroom if need be.

Loneliness can be an issue as we age and, if that is the case, buying a property in a retirement village or complex may suit best as while you have your own home there, there are communal facilities and activities and you can make friends.

These properties are more expensive and there are added costs to bear in mind so make sure you find out exactly what they are.