inthe late 1970's when we had Mortgages at 15% and commensurate interest rates for everything else.
Worth remembering though that it was 15-17% on a mortgage 2.5x your salary, not 4.5X which is the average these days (with as much as 7X in certain circumstances)
Therein lies one of the problems. When the government released the 2.5x threshold, house prices shot up almost immediately. Some benefited, others lost out. Now many first time buyers want the big tv, all the other household comforts, whereas back in the 60s we made do with anything we could lay our hands on. We had two armchairs from a neighbour of my parents that had been diverted from the tip, with a tea chest as the coffee table. No tv to start with.
