It’s not breaking new ground to say that younger people have what many regard as the raw end of the deal when it comes to property wealth.
Stories of Generation Rent, frustrated first time buyers unable to raise a deposit and the repeated reliance on the bank of Mum and Dad are now all too familiar. They are unlikely to be made much better by the Budget stamp duty change, which will create only 3,500 more first time owners according to the independent Office of Budget Responsibility.
Yet new figures released this week are likely to shock even those who are familiar with the current spate of stories about the challenges facing younger generations.
Those figures come from the Halifax and reveal (for the first time, to my knowledge) the scale of age difference between the property haves and have-nots.
The figures show that the value of the UK’s privately-owned homes over the past decade has grown by £376 billion to reach £6.015 trillion.
The Halifax estimates the average property wealth per household is £256,912 - a big leap from the £187,310 in 2007, just as the world financial crisis was about to begin.
And to be clear, the definition of property wealth in this survey is equity - the difference between the value of the house and the outstanding debt.
So far so straightforward, and perhaps a reason to cheer: after all, property wealth has expanded considerably in the same decade that Britain suffered an economic depression.
What is less cheery, however, is the age breakdown.
Around 40 per cent of property wealth today in the UK is accounted for by households aged over 65, three-fifths of which are mortgage free so enjoying massive equity. Nearly another quarter of total housing wealth is held by households in the 55 to 64 age group.
So to be clear, those aged 55 and above own over SIXTY THREE PER CENT of the country’s equity in housing.
And at the other end of the age scale? Well, you may want to sit down to read this.
Those aged 16 to 34 own precisely 3.3 per cent of the property wealth. No, that’s not a typo nor a statistical error - just THREE POINT THREE per cent.
Even if you combine the equity owned by those aged between 16 and 44 the total is only 15.5 per cent.
I understand that this is a dynamic assessment and that as younger home owners today pay off more of their mortgages, so they will see their equity grow as they get older. I understand, too, that younger generations may inherit property wealth from their parents and grandparents, turbo-charging their ascendency into the higher league of wealth.
However, that does not apply to every young homeowner and - perhaps as ever - those in wealthier families will benefit most.
On top, consider this: many baby boomers enjoyed an era from around 1980 to 2005 when capital appreciation was high and the cost of moving house was low. For them, it was relatively easy to move house frequently and move up the proverbial ladder into bigger and better homes using purely the appreciation from your last property.
Even the most fortunate of younger owners today are unlikely to see more than, say, three or four per cent capital appreciation on most homes per year for the foreseeable future - and that may effectively be wiped out by inflation. Meanwhile as for house moves ... well, we know all about stamp duty and what that has, over time, done for transaction volumes.
This isn’t a hard luck story. This is what the market has done and, of course, there are always winners and losers in a market economy.
What is a shame, however, is that younger generations seem on the losing end of the market quite a lot these days - the market for educational fees, real-terms wage growth, permanent employment as well as home ownership.
Is there anything we can do about it? Perhaps not. But the shame is that on the basis of housebuilding levels and practical measures to make homes more affordable, it seems we are hardly trying.
For the record, here is the total household net property wealth distribution by age group, according to the Halifax:
*Editor of Estate Agent Today and Letting Agent Today, Graham can be found tweeting all things property @PropertyJourn