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It also requires real wage growth and an increase in mortgage lending multiples versus incomes... not something we are experiencing today.
I hate to say it, but this is what makes me so gloomy about the UK. We've had politicians entirely focussed on their own careers and future elections for so long, national policy has basically been reduced to vote winning cock waving.
Its not just the property market that is broken as you say. Its wages, healthcare, taxation, childcare, eldercare, infrastructure, utilities, the environment. Everything is fucked. And the political climate doesn't allow long term solutions.
Stonehedge
It does if your affordability constraint was LTV not mortgage x income multiple. At 95% LTV, a 10% rise in property prices increases your deposit 3x. This is how the "property ladder" really got going in the 80s. It also requires real wage growth and an increase in mortgage lending multiples versus incomes... not something we are experiencing today.