Strangely enough I was watching a TV show earlier in the week where that was exactly the conclusion a young couple had come to. They were moving out of a 2 bed flat because their rent had increased so much they couldn't afford it any more. They'd worked out at their current rate of saving it would take them at least 15 years to get together a deposit on any sort of house of their own. That was assuming everything stayed the same, which with inflation outpacing interest rates and cost of living pay rises a dream for most, isn't actually likely to be the case. Their solution was that they were both about to start jobs in Dubai where they'd have a much higher standard of living because the vast portion of their income wasn't sequestered to simply put a roof over their head.
Will there be 'mass' emigration? Probably not. Will we lose a lot of young, energetic, talented people to places like the middle east, the US and Canada because their skills are in demand and the cost of living there is so much lower? Much more likely. It's happened in the UK before and it's happened in ireland more recently. It's never a huge portion of the population but the economic effect is disproportionate to the numbers.
