It’s well known that there is a housing crisis which leaves young people unable to buy their own homes.

But there is also a crisis at the other end of the property market which leaves thousands of older people imprisoned in unsuitably large properties.

A lack of smaller, more manageable homes, along with punitive stamp duty and other moving costs, is leaving would-be downsizers stumped.

Increasingly, the way in which many access the wealth tied up in their property is through borrowing against it. This can be costly.

Housing analysts estimate that if those deterred from downsizing because of the costs were able to sell, it would bring 111,000 extra family homes on to the market. A shortage of suitable alternative homes is key.

Paul Green, of Saga, the travel and financial services group, said developers tended to build flats aimed at first-time buyers because more can be squeezed on a site: “Developers have been focusing on two- or three-bedroom flats with young people in mind.”

He says that older homeowners, who are used to the space and prestige of a larger property, do not want to feel they are living like twentysomethings.

“If you’re downsizing from a large house, a small two-bedroom starter home might not have enough space for everything you expect to have around you.