Some 50 per cent of retirees plan to stay in their current home, according to research by Pegasus. Among those unwilling to move, 37 per cent said the hassle of relocating and finding the right property was the main reason.

However, for others, rightsizing can offer lower costs, greater security and peace of mind.

Pam Richardson, 58, had been renting a large bungalow in Exeter while living with a neurological condition. Over time, the property became increasingly difficult and expensive to manage.

She told GB News: “I loved my spacious home, but it was too big and no longer suited what I needed day to day.”

Ms Richardson needed a home that was more manageable, could accommodate her wheelchair and her assistance dog, Bertie, and offered reassurance that support would be nearby if needed.

She found that at Orcombe Court in Exmouth, a retirement community where she rents an apartment through retirement rental specialists My Future Living.

Her one-bedroom apartment offers step-free access and generous living space, but Ms Richardson said the sense of community was just as important.

She said: “By my second day, people were inviting me for tea. It feels like a little village. Everyone has their own space, but you’re never on your own.”

The move has also brought clear financial benefits. Ms Richardson said she was previously paying £1,300 a month in rent for the bungalow, including £75 a month to allow Bertie to live there. Her rent is now £1,026 a month.

Household bills have become more predictable too. The bungalow had gas central heating, while her current flat uses older storage heaters and electricity.

Ms Richardson said: “I’m guessing it’s swings and roundabouts re bills as gas is cheaper than electric and I could put it on and turn it off when I wanted rather than here where I have to plan for tomorrow.”

She added that not paying water rates has made a noticeable difference. Ms Richardson said: “Not having water rates is a big saving which is great.”

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When she left the bungalow, she was paying £135 a month for gas and electric and £12.50 for water. “I can’t remember how much the council tax was,” she said. In her current home, her only regular bills are £89 for electricity and £73 for council tax.

Having maintenance included has also eased financial worries. Ms Richardson said: “Brilliant, I know I don’t need to worry if anything goes wrong.” While maintenance was included at the bungalow, she said dealing with private landlords was often stressful.

“I had to contact the owners who always made me feel like it was an inconvenience or I should be sorting it out myself,” she said.

By contrast, reporting issues is now straightforward. Ms Richardson said: “I can either ring up or fill in a form on the website, I then get an email to confirm it has been booked in with them, I then get a call to arrange when someone will be with me to sort it.”

The decision to move was driven by both finances and health. Before renting the bungalow, Ms Richardson had sold a previous property, with that money helping her stay there initially.

She said: “It came a time when I knew it wasn’t viable to stay where I was.” She added: “Also due to my health I was no longer able to look after the bungalow due to the size of the building and garden.”

She did not consider buying again. Ms Richardson said: “I live on my own and don’t have any children so owning my own place doesn’t make any sense which is why I sold my property. There’s no worries of unexpected bills now.”

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Ms Richardson believes renting in later life can work well for others, particularly in the right setting. She said: “I’m in an Independent Living development which means there is a manager on site and an emergency system in place.”

She added: “As I live alone it always worried me in the bungalow that if anything happened that no one would know, here there is someone around if needed.”

Reflecting on the move, Ms Richardson said: “Moving here was the best thing I could have done. I realise now that downsizing wasn’t about losing anything, it was about finding a home that fits my life.”