I'll wager that house prices were not 8.6 times average earnings and that banks were not offering trans-generational mortgages.
Houses are a most unusual commodity in that they are the one thing that, even when bought second or third hand, pretty much everyone has to buy on credit.
Thus when demand starts to fall, because people can't borrow as much as they need, and this threatens to bring property prices back to an affordable level, all mortgage lenders have to do is find ways to extend more credit than they have to date and thousands of prospective buyers are once again in a position to generate demand.
This is what we've been seeing over the last couple of years: the explosion of interest-only mortgages, mortgages shared between friends, favourable rates for buy-to-letters etc.
Some people fell for the trap - they thought that if they didn't buy (even when they were asked to pay a princely sum for a wretched dwelling) then prices would keep going up and things would reach a stage where they would never be able to afford their own home.
Sadly, if they had been less dazzled by what the mortgage lenders were saying, they would have realised that if they didn't buy and lots of other people in a similar position didn't either, prices would not keep going up. In fact they would come down.
There aren't too many first-time-buyers left who think that they will have to buy quickly or else they will be priced out of the market.
In fact, it's going to be something of a waiting game from now on.
Who can wait the longest?
The seller who has to move because they are emigrating or being transferred to a new work location or who needs a bigger house because they are starting a family or because they are retiring and want to downsize?
Or the renter, who has been renting for the last couple of years because house prices have been too high to buy and is now completely accustomed to renting?