Gordon Brown, 1997 Budget Statement.

But Gordon did allow house prices to get out of control. Some of the housing market numbers are scary, the average house now costs 6 times average earnings – in London the figure is 10 times earnings. The historical long term figure is some 3 and half times earnings.

Is it any wonder that the average age of a first time buyer is 33 years old? Twentysomething families can’t afford a home of their own.

Yield models suggest* that house prices have to fall 40% to return to the long term average.

The simple truth is that in real terms it is now twice as expensive to buy a house as it was before Gordon promised he would “not allow house prices to get out of control”.