Many people will look to downsize as they reach retirement age when their children have moved out or if they are looking for a property that requires less upkeep.
Research has found the best places in England and Wales for pensioners to move to.
Over-60s property specialists Regency Living looked at which parts of the country to consider if looking to live around like-minded people of a similar age.
It found 18.8 per cent of the total population in England and Wales are over 65, with the highest percentage settling down in North Norfolk.
North Norfolk has a big percentage of over-65s living there
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Areas with more over 65s (% population over 65)
- North Norfolk (34.2%)
- Rother (32.5%)
- East Lindsey (31%)
- Dorset (30.4%)
- New Forest (30.3%)
- East Devon (29.9%)
- Isle of Wight (29.8%)
- Tendring (29.6%)
- Torridge (29.3%)
- West Devon (29.1%)
Most affordable area (average house price)
- East Lindsey (£229,841)
- Isle of Wight (£269,292)
- Tendring (£271,649)
- Torridge (£284,972)
- North Norfolk (£302,531)
- West Devon (£311,924)
- Dorset (£346,887)
- East Devon (£363,238)
- Rother (£363,628)
- New Forest (£400,190)
East Lindsey has the most affordable property and has an above-average over-65 population, at 31 per cent.
A property expert suggested pensioners may be looking to move to areas with like-minded people.
A Regency Living spokesperson said: "Over-65s who are downsizing commonly move to different areas of the country, which often requires them to leave family and friends behind.
"Moving to an area where there are lots of people of a similar age can make this transition much easier and ensure that new friendships can quickly be made.
"It’s useful, therefore, to understand where the most like-minded people live, but even more useful to know which of these Silver Downsizer hotspots offers the best value for money when it comes to buying a new home."
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Affordability is important when moving house
GETTYPensioners may also consider staycation hotspots as a place to settle down so they can enjoy beautiful landscapes and time in nature.
However, the experts revealed Britons pay nearly £180,000 more to buy in the most popular staycation spots.
Living in the Cotswolds, Dorset, Devon, Yorkshire Dales and the Scottish Highlands will pay a premium to live there compared to the surrounding area. Interestingly, other holiday hotspots were more affordable than the general areas.
The data found homes in Cornwall, Snowdonia, the Peak District, the Isle of Wight and the Lake District were, on average, cheaper than the wider area.
