Yes but house prices were already rising from 1970 onwards. probably because the austerity of post depression and post war Britain was giving way to new wealth creation, mostly from selling financial services abroad. Though the cake was getting bigger the non managerial, non financial and non share owners were getting smaller and smaller shares of the whole. The ethos of pulling together and share alike which had spawned the NHS and national insurance was giving way to loadsamoney.
Simultaneously the wealthier were looking to have their needs serviced and wage pressure from this made our industrial workers move as manufacturing became less competitive with imports.
Council housing post war had reached about 30% of the whole and many people saw it as a home for life rather than a stepping stone until the right to buy meant it was unwise not to cash in. This had a twofold effect, need for mortgages increased with grew the financial sector again but many of the buyers were older with bigger families than we have now. These children when they came to inherit often had the balance of a mortgage to pay off and while they too had aspirations of house ownership and often were renting, by the time the equity was realised and shared there was not enough even for a deposit for each child.
In the meanwhile UK housing had become a safe investment for the wealthy financiers, business owners and foreigners. Such that 70% of that sold off council housing is reckoned to be in the hands of private landlords. I see this also in my street which would traditionally have been owner occupiers, over half the houses are privately rented near me.
In contrast to the british siblings who sold off their parents housing we have a very large asian immigrant population locally who pool their money for the eldest son to buy a house, they also tend to live in them with extended families which helps distribute the costs of ownership.
Of course this all comes down to not enough houses to satisfy the 2.1 people that want one to themselves but also reflect on what money is; at any one moment the economy supports itself with current production, money is only the means by which we agree to co-operate it is not a "hard" asset.