Homeowners won't stop there though, with 35 per cent owning six or more by the time they hit state retirement age.
Based on the current average house price in the UK £197,039, this equates to a spend of £1.2 million during a lifetime.
The opinions of friends and family are key to these property decisions, as well as proximity to them. Bigger homes and being closer to work also featured highly in the list of concerns pushing people to up sticks.
Whilst 27 per cent of current retirees move to downsize, baby boomers prefer to stay in their current property. Indeed one in five 55-64 year olds have lived in their home for over 21 years.
Age is also a determining factor, although more for size than price. While one in four of the younger generation own a detached house, a third of over 45's live in this type of property. The younger a person is, the more chance they will live in a terraced house or a semi. The older age groups, perhaps unsurprsingly, prefer bungalows.
Russell Galley, head of mortgages at Halifax, said: "With the average UK resident set to own six homes during their lifetime, it seems that people never give up on the search for their ideal home."
