Is Britain moving away from being a property-owning democracy? It's a question raised by the findings of a report from the Resolution Foundation think-tank.
Resolution examined the financial pressures on Britain's 11 million low-to-middle income earners.
When all factors are taken into account — stagnating pay, rising costs, reduced tax credits, tighter credit — they found that nationally someone in this large bracket would have to save for 45 years to buy his or her first home.
In London, it's an even longer 80 years. That's based on someone saving 5% of his or her income — 10% would be half that, 40 years, but it's something that few can afford to do.
This swathe of the population does not include graduates who may leave university with debts of up to £40,000 in the years to come if the Government's proposed hikes in tuition fees go through.
Many of them, if they are burdened by the added cost of obtaining their degrees, are going to struggle to get on to the bottom rung of the housing ladder as well.
While the lack of demand may push down house prices, they will have to fall some distance before they reach the sort of levels that are affordable. Resolution calculates that average house prices for first-time buyers are currently 7.6 times the average net income for low-to-middle income earners.
We're heading towards a boom in buy-to-let and student rental accommodation. Out will go the time-honoured aim of owning your home. In the years ahead, renting is going to be the norm.
