I was one of those paying 16% on my first mortgage, and I was on what would be almost minimum wages, farming. But I was also getting 10 % on any deposits in at the time building societies. Also, compare house prices now with then; they are a lot higher now than then, and running one would be more expensive now than then. A look at Googel, now the UK public debt is 93% of GDP, back in 1980 it was 43.1% of GDP, OK then it was very high interest rates, borrowing was expensive, now borrowing is cheaper debt is a lot more, but people still spend the money, holiday's, posh TV's, etc. they what all this, then say they cannot afford a deposit for a house.
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