There are multiple contributors who have made the housing market as it is now. The general trend which characterizes the situation is that wages of average folk

There are multiple contributors who have made the housing market as it is now. The general trend which characterizes the situation is that wages of average folk are rising at A% whereas the housing prices with B%. At the beginning of the 1970s, a teacher in the UK earned decent housing in 5 years, whereas today, it would take around 40 years under a mortgage. In practice, we see that wages had stagnated over the last decades. From a political perspective, it is a change of economic philosophy from supporting consumer demand to supporting the supply of producers. On the other hand, there is a factor of migration. People coming from lower-income regions are putting pressure on local folks to negotiate wage increases, partly also supplemented with not fully accepting immigrants in labor unions. The factors which make B% high are the increase of loans VS wages and guaranteed state protections for nonperforming loans to squeeze everything out of the debtor. Then there are urbanization and speculation on it. Common folk more likely getting better loan conditions in places where it is expected that the property price will grow. That, in turn, stimulates urbanization and vice versa. Also, a factor is capital scarcity in the housing market. In the environment where central banks are buying stocks of nonperforming mega corporations to refloat them (optimistically saving pension funds), there is no better investment than owning such a stock. Hence the housing market is incentivized to serve those whose income grows with B% or known also as the wealthy 1%.