No going back

Invest in bricks and mortar. Good advice, but worth little in the current mortgage climate, with the Council of Mortgage Lenders predicting that mortgages will be equally as difficult to attain in 2011 as they were last year, as banks attempt to sort out their own debt problems.

And to thumb their noses at borrowers that bit more, the organisation stressed that even if the market were to pick up, a return to the glory days of 2000-2007 would be unlikely.

Peter Charles, CML economist, said: 'As a greater degree of equilibrium is restored to financial markets, the availability of funding for mortgage lending should improve from current levels to support more normal levels of activity.

'However, the unprecedented expansion of wholesale funding, and hence mortgage lending, experienced in the mid-2000s is unlikely to return.'

Meaning we can all just carry on living in flat shares or with our parents then.

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