Older homeowners are clamouring to buy another property, many spurred on by new pension freedoms, a new study suggests.

More than a third (37%) of the over-55s questioned by Prudential say they plan to buy at least one more home during their lifetime, with one in 10 saying their next purchase will probably not be their last.

Most (82%) plan to make the new property their main home but many want a weekend or holiday retreat.

In fact nearly one in five (18%) say they want a second home to use for holidays, as a buy-to-let investment or for a relative to live in.

Around one in seven (14%) of the prospective buyers, meanwhile, say their plans are being fuelled by the new pension freedoms giving them more flexibility on how they use their retirement savings.

Although many (43%) older would-be buyers say they want to downsize – with 27% saying they plan to spend less on their next property than their current home is worth – nearly a third (29%) expect to fork out more.

Strutt & Parker's Housing Futures survey revealed similar findings, identifying that 39% of those over 55 who to intended to move in the next five years planned to downsize, whilst 14% were actually seeking a larger home.

A fifth of those planning to buy again say they plan to move somewhere quieter with another third wanting to reside somewhere more suitable for their age.

In total, Prudential predicts that property owners aged over 55 will buy or sell more than three million properties, worth over £775 billion.

Prudential retirement expert Stan Russell warns that taking cash out of a pension fund to buy property can be a complex process that could land people with a sizeable tax bill.

He points out that all those aged over 50 with a defined contribution (DC) pension are entitled to free impartial advice from the Government’s Pension Wise service.