The demand for retirement property throughout the UK is set to grow substantially over the coming years as the population gets older, experts have stated.

According to the retirement property developer McCarthy and Stone, many older people choose to downsize from a family home to a smaller house or an apartment for the sake of an easier lifestyle.

In particular, the firm revealed that the south coast of England remains the strongest regional market for retirement property.

Anne French, a spokesperson for McCarthy and Stone, said: "It seems likely that the sea will always prove a strong attraction.

"Many customers will have already retired to a bungalow, and after a few years made the decision to downsize again for a low-maintenance lifestyle; others might move directly into an apartment by on the coast from another part of the country."

A recent report from the currency specialists HiFX revealed that increasing numbers of the 'first generation' of overseas property investors are cashing in on their assets, with many returning to the UK.