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Interest rates were circa 14% at the time. The problem is cheap money inflating the price of housing. That also comes down to people taking the risk that they will have access to cheap money for very long economic cycles.
Some of this stems back to 2008 when savings were protected by bailing banks. Since then interest rates have been artificially low because savers had protection but no returns.
Airhead
Unless the government does a u-turn so that the financial markets calm down its going to get very ugly.
Some people are going to have to sell up and move into rented accommodation so that they can get out of their mortgage.
It comes either as a result of their own decision or because they end up in deep arrears on their loans and their bank repossesses their home. It’s the early 90s all over again and it’s what caused the early 90s house price crash.