On a slightly separate note, I have read that housing - for ownership at least - in the UK has not really become less affordable (or more unaffordable) in the past few decades. Although prices have risen above inflation/wages, what matters is not the lump cost, but, clearly, monthly mortgage outgoings. These, apparently, are relatively no higher in general than before, because mortgages have become significantly cheaper as a result of low interest rates, and a price war in the high-street lending sector. Also, the reason many cannot afford deposits is because of a regulation introduced in the aftermath of the crash forcing lenders to 'stress test' people's income; it is only after this increase that many cannot afford the deposit. (Obviously whether that regulation is desirable is a different question.)
Perhaps those more knowledgeable could evaluate this claim.
Even if more affordable, the problem is accessibility. The decoupling of house prices and wages has made home ownership increasingly inaccessible when you can only borrow 'x' multiple of your income. That has the double impact of not only exclusing the young/low income owners from the property market, but also means leaves renters - ie those on lower incomes - with higher housing costs and ultimately exacerbates the redistribution of wealth from the have-nots to the haves.
Plus it's more expensive to spread the borrowing over a longer period of time (and hence borrow more relative to income) I believe.
Also, the cause of the price war and lower costs was in fact
greater regulation of what retail banks can do/where they can invest. (I'm not an expert here, this is what I have heard.)
