Around one in twelve people (8%) – the equivalent of 3m people – plan to sell their primary residence to fund their retirement, according to research by Baring Asset Management (‘Barings’). This is up from 7% in 2014 and 5% in 2013.

The research also found that one in ten (10%) plan to fund their retirement by either selling or renting property other than their main residence, up from 9% in 2014 and 8% in 2013.

Property is also ranked as the third largest source of retirement funds after pensions (48%) and cash (13%). The average percentage of overall retirement funds to come from property is put at 12% by respondents, up from 11% in 2014. This is higher than ISAs (7%) or inheritance funds (6%).

According to the research, younger people are more focused on property as a retirement asset. A quarter (25%) of 18-25 year olds say they are planning on funding their retirement by either selling or renting property compared to 12% of those aged 55-64.

Some 44% of respondents overall said they have never planned to use property to fund their retirement compared to 52% in 2014. This also indicates a more positive sentiment towards property as a retirement asset.