Which of course is completely unsustainable for an entire economic cycle, let alone the period it takes to pay off a mortgage.

At one point the press even mentioned the possibility of japanese style 100 year mortgages. That turned out well for Japan.

When I was looking to buy a house in the late 80’s with my (then) partner we moved from the SE to the Midlands as that was the only way we could afford a house and that was with 2 incomes.

I remember when we were first looking to buy. The rule from the banks was a maximm loan of 2.5 times salary Thankfully our first house in Cantebury was "only" £20k and that nearly killed us and included a significant loan from my parents.

Yup, that's what it was when I bought mine. IIRC it was 2.5 times the biggest or 2 times joint, whichever came out to be higher. In the end I decided how much I wanted to spend on a mortgage per month, sat down with a piece of paper and figured out how big a mortgage that would allow me to get given the deals available at the time and bought a house that cost that much. Seemed the only sensible way to do it tbh..

Yes but banks have moved from the 2.5 times single income or twice joint income to much higher multiples and since house prices are so much higher the sums required for deposits now are huge. So while many first time buyers relied on 100% mortgages to get on the ladder and now need ridiculous sums as deposits. If banks and building societies had not relaxed lending standards we would not have had such a ridiculous housing bubble and the economy would be healthier.

We're nowhere near the end of the housing market deflation IMO. Won't ever get a house in London at the price I paid for mine in Lancashire, but I think patience right now is a virtue.

I agree. I think that UK prices have a long way to fall. That is one reason why I am happy to rent.