Houses on my block in the United Kingdom that cost £3000 in 1970 are now going for over £1.5 million. was this a typo? Because that's a 500-fold increase,

Houses on my block in the United Kingdom that cost £3000 in 1970 are now going for over £1.5 million. was this a typo? Because that's a 500-fold increase, and I can't imagine inflation in the UK was that bad since the 70s?