However, the study found that many parents believed downsizing could be some years away. Of parents with children under 10, 23 per cent thought their offspring could be in their mid-thirties before they could afford to leave home and buy their own property due to rising prices.
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One-in-seven parents were so concerned by this, they had started a home fund to help their newborn children take their first steps onto the property ladder.
Gary Lumby, Yorkshire Bank’s head of retail, said: “With the current pensions crisis, climbing down the property ladder could provide one solution to parents who have little savings but are looking to retire and improve their lifestyle.
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“It’s encouraging to see so many parents are looking ahead and taking actions to prevent their children having to live at home for longer. Some may even be downsizing to free up funds to help their children into the market.”
Melanie Bien, associate director for Savills, commented: “Downsizing sounds great in theory, but it can be quite different in practise. Yet, the reality is parents will have to help their kids in the future.”
