Nearly a third of people will move into a house in a new area of the country once they have retired, according to research by Saga Home Insurance.

These figures, Saga say, imply that with soaring living costs, many people are unable to have a settled and comfortable retirement, so are forced to sell their homes in order to downsize.

Despite a third of retirees moving house, only 8 per cent of people questioned in the survey said they definitely intended to find a new address; suggesting that the remaining people who had stopped work, were forced into a move.

Chief Executive at Saga, Andrew Goodsell said, “Retirement should be an opportunity for people to enjoy pursuits that they have dreamt of throughout their working life. It is a worrying trend that these aspirations of a settled retirement are being ruined by the need to downsize.”

When looking for a new home, the survey also revealed that peace and quiet, a friendly neighbourhood and good shopping facilities were top of the list for retirees.