I think that change is better explained by the higher deposits required under the present high asset price low interest rate regime. The UK base rate was around

I think that change is better explained by the higher deposits required under the present high asset price low interest rate regime. The UK base rate was around 12% in 1991 and it is 0.5% today. If you assume an equal mortgage payment you now need a deposit 4 or 5 times as large to get on the housing ladder.