Over 7.5m homeowners are relying upon capital growth to bankroll their retirement, rather than saving for the future, according to a new report.

Research by Lincoln Financial Group reveals that more than half of homeowners in the UK see property as their main asset for retirement.

Ian Noble of Lincoln Financial Group, said: "We all know the phrase safe as houses, but it appears that many of us are perhaps taking it a bit too literally by relying on our homes to fund our retirement after our pensions.

"Of course it can be difficult building up other savings while paying off your mortgage and also investing in a pension. But it is potentially risky to believe that your home will provide for your retirement if your pension is not sufficient."