They often say an Englishman's home is his castle and if the latest research from the Yorkshire Bank is to be believed, you and your children are going to need a King's ransom to afford the most modest of semis in the future.

Because according to the Yorkshire, we could be forking out a small fortune for an average three-bed semi in 50 years' time, and homeowners will need to break the bank to exchange contracts.

In the research, conducted to mark the Queen's Golden Jubilee, in 50 years an average three-bedroom semi will cost a staggering, heart-breaking, earth-shattering £5 million!

Unlikely as it may seem now, this estimate comes from looking back half a century to when the average house would have set you back just £2,028. Amazingly, the current UK house price is now almost 50 times that, at £100,400.

If house prices continue to rise in the same inflationary way over the next 50 years, we could be splashing out £4.9 million on the average home in 2052.

Based on the same facts and figures, Yorkshire Bank has calculated that a monthly mortgage payment of £400 in 2002 could soar to nearly £20,000 by then.

And it could make some estate agents very happy.

Patrick McCutcheon, a director at Dacre, Son & Hartley, took the expectant price rise in his stride.

"Of course, if you wait long enough anything is possible," he said. "However, everything will be relative. Certainly the beneficiaries of people's estates will be happy and our fees will be a lot higher!"

Despite this tongue in cheek response, he admits it is hard to deny the strength of the UK house market. He has seen a five per cent increase in the first four months of this year in the Wharfedale area.

"And in some cases this has been seven per cent," he said. "They are continuing to power ahead due to a shortage of supply and cheap money."

Paul Fegan, Yorkshire Bank's chief operating officer agrees with him. "Although these figures don't represent current inflation rates, UK house prices have increased almost 50-fold in as many years, so it is not out of the question that they could do the same again," he said.

"While the rate of house price growth does fluctuate and so sometimes slows down, the fact remains that the cost of property is continuing to go up.

"The proportion of owner-occupied homes compared to rented properties has more than doubled over the last five decades, from 29 to 68 per cent, suggesting we are fast becoming a nation of homeowners.

"And with the array of mortgages on the market to suit customer needs, it might be that future generations will have little trouble affording a £5 million home."

A little closer to today, another survey suggested the average house price may be slightly more affordable.

The Centre for Economics and Business Research said property prices across the country are set to rise by an average of 6.24 per cent a year - making the average house price more than £300,000 by 2020.

The increase between the first quarter of 2002 and 2020 will raise average prices from £101,164 to £300,643.

Londoners are set to see the biggest jump, with prices rising from an average of £183,262 to £595,164, an average annual gain of 6.76 per cent.

But in percentage terms people living in the east of England will see the greatest gains, with prices there rising by 6.99 per cent a year to take the average cost of a property to £368,058.

Property will remain cheapest in the North East, where average annual property price growth is forecast to be just 3.69 per cent, and average house prices will reach just £123,651 by 2020.

CEBR says it has increased its forecast for average growth quite sharply from the figures it predicted last year.

It says this is due to new forecasts from Government actuaries indicating much faster population growth than previously thought, as well as doubts over how much impact planning reforms will have on the property market.

Douglas McWilliams, author of the report, said: "The result of this will be to create a chronic housing shortage, which will force average house prices up faster than average earnings, especially in London and the South East."

A recent survey warned that more than 1.4 million home-owners face having inheritance tax levied on their estates after they die.

The Halifax says this is because the threshold has failed to keep pace with house price increases.

The inheritance tax threshold had risen by just 16 per cent during the past five years while house prices have soared by 52 per cent.

Another report suggests there is no end in sight for house price increases as property shortages continue to fuel the boom.

The Royal Institution of Chartered Surveyors says the number of homes up for sale is at its lowest level for two years.

Yorkshire and Humberside set the pace of price increases during the three months to the end of March, reporting their fastest growth for eight years.

Strong price rises were also seen across the rest of England and Wales, with 57 per cent more surveyors reporting increases than those who reported falls, compared to 49 per cent the previous month.

Ian Perry, RICS national housing spokesman, said: "The housing market is busy right across the country with no end in sight to rising prices, despite many predictions that the bubble is about to burst.

"Price rises are definitely being supported by the shortage of suitable properties for sale in all parts of the country, even though traditionally this is the busiest time of the year.

"In London and the South East high prices are beginning to have an impact as affordability becomes an issue. This may be reflected in other regions in the coming months."

Outside Yorkshire and Humberside, the West Midlands and Wales reported strong price increases, while good rises were also recorded across the North and Midlands generally.

RICS said price rises looked set to continue in the coming months, with 71 per cent more surveyors expecting them to go up than those who were predicting falls. But sales are expected to increase at a slower pace.

Of course the boom will not just be restricted to housing. According to the bank's research the average new family car can now cost nearly 30 times more than when the Queen took the throne.

A new four-door saloon Ford Consul sported a price tag of just £470 in 1952. A similar Ford Focus is currently priced at around £13,555, so if prices continue to rise at that rate by 2052 a new family motor could set you back £400,000.

So if you're not yet on the first rung of the housing ladder maybe now would be a good time to take that first step - and just keep your fingers crossed average wages rise at a similar rate!