Stock values averaged 13.3% growth each year since 1988, compared to 10.6% for residential property. However, the tables were turned when rents and dividends are taken into account.

By reinvesting dividends, stock market investors could have boosted their average return to more than 16% a year. But buy-to-let investors got almost 20% a year after pocketing the rent.

The easy money was made a long time ago, however, and the Central Bank reports that anybody getting into the property market today will end up subsidising their tenants.

It found an average 29% shortfall between rental income and mortgage payments on a newly-built buy-to-let investment. The average shortfall jumps to over 42% if the investor buys a second-hand house.

Nevertheless, it is still possible to make money from property because, so long as property prices keep rising, the rental shortfall will be more than covered by capital appreciation. Any slippage in the property market, however, would leave investors waiting for their money.

If house price growth slowed to 4% a year, investors would have to wait five years to break even. If growth was 2%, the investor would not make a profit for 33 years. And if the property market were to stagnate completely, the investor would have to wait more than 50 years to see a return on his investment.