£17,000 for a house... if it weren’t for inflation

However the shrinking value of money means that these sums are exactly what you would be paying were it not for the increase in inflation.

Research from Lloyds shows that £9.48 in 1973 would have the same spending power as £100 in your wallet today.

The price of a pint of lager is 20 times what it was 40 years ago, having risen from just 14 pence then to £2.87 now, according to Lloyds Bank’s analysis of Office for National Statistics figures.

A loaf of bread is now priced at 12 times what it was in 1973, having increased from 11 pence to £1.30, while the price of a pint of milk has risen around sevenfold over the period, from six pence to 46 pence.

A detached house would set a 1970s buyer back £16,980, but nowadays a family looking for a similar property faces paying 18 times this, at £305,391.

Meanwhile, the price of putting fuel in your car has risen 17 times since the early 1970s. The price of a litre of diesel has grown to around £1.41, from eight pence in 1973.

Overall, the value of money has plummeted by 91 per cent over the last 40 years.

Ashish Misra, head of investment policy at Lloyds Bank Private Banking, said: “There is no doubt that the value of money has fallen dramatically since 1973 as a consequence of the substantial rise in the general level of prices.

“It is likely to be reduced significantly further over the next 40 years even if inflation is kept firmly under control.”