There was definitely a legal constraint, in 1966 when I bought my first new car the deposit was 33% this was later reduced by govt in stages over a number of years. In 1976 I bought my first house £13,750 detached 2 bed bungalow the max allowed mortgage was 90% and 2.5 x salary. This is probably what controlled inflation. Gradually people have been allowed to borrow more and more at one time 110% and 4 times single salary no wonder house prices soared. At the moment in Essex where there are massive new housing projects they are struggling to sell and reducing prices or offering to pay the first years mortgage. Rather than a housing shortage there are many new builds unsold and on the market for 6 months +. I predict a house price crash over the next two years.
