Young people are four times more likely to plan to downsize than over 55s this year, says Hargreaves Lansdown.

In its Home Moving Survey, which looks at people’s moving plans over the next 12 months, it found that young people are more likely to downsize (12 percent) than upsize (nine percent). This is usually due to buying a property after years of renting.

However, downsizing remains a key approach to retirement, with 22 percent stating they plan to downsize during their retirement, and a further 45 percent having not ruled it out.

In total, six percent of all people plan to downsize this year. While aroun...