House prices in London have always been out of range for average earners though, I've lived there for nearly thirty years and it was only when I went in with my partner that I could stop renting and get on the property ladder, we had to get a lodger and live in New Cross, (which at the time was quite frankly terrifying, a burglar broke in to a house in the next road along and set fire to the person when they wouldn't hand over their card details
). Sure, prices were less but interest rates were much, much higher and the banks didn't throw money about like they do now, you'd get 3 times your annual salary if you were really lucky, so it's not like most people back in the day were running around buying up cheap property.