Miss Mulligan said replacing the 17th Century Grade II listed property with a new building would be far more cost-efficient.

BBC: Julia Mulligan

Nor would it make much difference were Social Security to be invested in other assets such as equities, investment-grade bonds and property.

ECONOMIST: The retired are always supported by their children

The Grade II-listed property, built in Hindhead in 1897, was the house where Conan Doyle wrote The Hound of the Baskervilles.

BBC: Sir Arthur Conan Doyle house development appeal upheld

The National Gardens Scheme describes the property as "a Grade II listed water mill (not working) in approx 2-acres".

BBC: The garden at Ochran Mill