Anybody planning retirement has been warned against banking on property. House price falls mean that downsizing to release equity will, on average, provide an annuity of only £2,262 a year. In 2008, when house prices were higher, you would have received £2,777, according to a study by insurer Standard Life.

The research highlights the dangers of relying on property to fund retirement. The credit crunch resulted in a 23% drop in average house prices between August 2007 and April 2009.