You're missing a major aspect of the difference now, when compared to the 80's and before, which is house affordability. Even at peak in the 1980's you were lo

You're missing a major aspect of the difference now, when compared to the 80's and before, which is house affordability. Even at peak in the 1980's you were looking at house prices being 5x income at most. (https://www.economicshelp.org/blog/5568/housing/uk-house-price-affordability/ https://www.economicshelp.org/blog/5568/housing/uk-house-pri...) Now at the UK level you're looking at 7x and in London 11x. That means that increases in interest rates have a far higher impact on affordability.