NEARLY half of last time buyers in the South East have not been able to downsize due to a lack of properties, Rostrum agency has revealed.

Legal and General's research highlighted the affect of the UK's housing shortage on older generations, which make up over a quarter of UK households.

Phil Bayliss, head of later living at Legal and General, said: "If rightsizers were able to move to a property more aligned to their desired lifestyle and needs, vast swathes of homes would be freed up for growing families.

"This report highlights the crucial role last time buyers could play in unlocking the wider UK housing market, further demonstrating the need for government to recognise this sector through key policy changes."

According to Legal and General’s research, there are now 3.1 million last time buyer households in the UK, with around a third of homeowners considering downsizing.

The age group, which is those over 55 years, are expected to own £1 trillion of UK housing stock by the end of the year, according to experts.

Evidently, the lack of suitable properties is hindering the downsizing dream.