With record repossession figures, house prices that are at best static, and interest rates still uncomfortably high, the property-owning democracy is going through a rough period.

The 1979 Tory party manifesto promised the introduction of a property-owning democracy.

"It is a Tory-sounding concept, 'property-owning democracy,' " he said.

After all, what better foundation for a property-owning democracy than a campaign of privatisation encompassing housing?

Skelton advocated "a property-owning democracy", based on share-options for workers and industrial democracy.

A property-owning democracy, it was argued, also leads to the improvement of the housing stock since people take a greater pride in homes they own.

Instead they prefer to promote the values of a 'property-owning democracy'.

And even today, with the focus having shifted from a 'property-owning democracy' to 'affordable housing', Skelton's influence is still profound.

The Government wanted to create a property-owning democracy, and they did so, but that property-owning democracy needs inflation to maintain itself.

Under this government the property-owning democracy is growing fast.