The Council of Mortgage Lenders says householders aged 65 and over are sitting on more than £500bn in unmortgaged equity UK-wide.

And many local home-owners are now sitting on a gold-mine following the province's property boom.

A CML spokesman said this level of wealth is unlikely to be repeated and now equity-rich mature home-owners are releasing cash to buy second homes, fund their retirement or to help their children to try and get onto the property ladder.

Research from the Prudential also suggests that many fifty-somethings are starting to turn the housing market on its head with four million seeking to sell the family home and buy smaller houses to release money for their retirement years.

And in response to this trend, award-winning construction company Lagan Homes is building a special development aimed at down-sizers in what is a first for Northern Ireland.

Danesfort Hall in Stranmillis, which offers the biggest apartments in the province, including five-bedroom flats and properties up to 2,630 sq ft, has the down-sizer in mind.

The 21-apartment scheme of high-specification homes has elevator access, quality interiors, state-of-the-art integrated appliances and SmartHomes technology among other benefits with prices from £545,000 to £825,000.

Conor Mulligan, managing director of Lagan Homes, says: "We see an emerging strong demand from mature purchasers who wish to release equity to buy a holiday home or to pass some onto their children.

"Many want peace of mind with a relaxed 'lock up and leave' lifestyle where their home is secure within a gated development - a concept that certainly appeals to those who might want to spend six months a year in more sunny climates," added Mr Mulligan.

Danesfort Hall also has high security features such as panic buttons and video-entry fitted as standard.

Selling agent Gerry O'Connor says those down-sizing don't have to compromise on space at Danesfort Hall.

"The apartments are easily the largest of their kind in Belfast."

Mr O'Connor added: "They are modern, elegant, with all the turnkey finishing that you would expect from a luxury home."