The survey by Consumer Intelligence involving 988 adults aged 55-plus, also found about 11% would prefer to use the wealth tied up in their home to help fund retirement before turning their pension fund into an income.

Some 25% would welcome the opportunity to be able to borrow against the value of their property, the study carried out for Bower Private Clients suggested.

Over-55s in Scotland and the South East of England were the most likely to have homes worth more than their pension funds – 63% of those questioned in Scotland and 62% in the South East said their properties are worth more than their retirement savings. But that dropped to 45% in Wales.

The company said the research supports its analysis that 7,200 £1 million-plus homes are being bought a year without mortgages with two-thirds being sold in London.

Andrea Rozario, chief corporate officer at Bower Private Clients said: “The benefits of property investment are highlighted by the fact that the majority of over-55s have more wealth in their homes than their pension savings.

“Stock market volatility and historically low interest rates have had a major impact on pension and investment income since the financial crash while those who are lucky enough to have got on the property ladder have benefited.

“That means over-55s may find themselves in a position where they have the home which they love but not the income or liquid assets they need to fund their own retirement while being able to help family.”