It is reasonable to think of this as a transitional impact on housing prices that will not reoccur. Both the shift to low inflation, and the comprehensive deregulation of the financial system, are things that only happen once. In broad terms, the adjustment of the housing market to this new environment seems to have been completed by around the middle of the last decade.
Since then, the ratio of housing prices to incomes has been relatively stable but, for reasons already alluded to, it has been rising recently and is now at the upper end of its recent range. I will return to this point in a moment.