The value of property owned by 30-year-olds has fallen to an average of less than £10,000 for the first time while baby boomers are only getting richer.

People in their early sixties now own 17 times more in property assets than those in their early thirties, a report by the Office For National Statistics (ONS) has revealed.

The generational gap has widened dramatically since 2006, when people in their sixties had six times as much wealth.

Last night, Tory MPs urged Theresa May to take more radical action. Robert Halfon, a former skills minister and an ex-deputy chairman of the Tory party, said: “If we want to have a chance of winning a decent majority ever again, when people think of the Conservative party they need to think of housing.

“Every single sinew of the government should be absolutely devoted towards more house building, getting people on the property ladder and building more social housing. We need a housing revolution in our country.”