Began mid seventies and fanned by fatcha during the first boom in the 80s when we were sold the neoliberal dream of a home owning democracy.
It wasa mix of factors, we inflated ourselves out of recession in the 70s (prices and wages) houses went up most whilst mortgages repayments shrank relatively. Your parents generation or a bit older thought this house owning marlarky was a win win.
Espically when in the late 80s early 90s negative equity fell proved only to be a passing issue and the effects of new houebuilding falling off a cliff as fatcha stopped council house building began to be felt in prices due to reduced supply meant that for those who could afford it house owning is fantastic investment as we as a country are in too deep to property inflation fuelled economic growth. Even in the last recession we didn’t get a real correction because its too important not to have one. we bailed out the banks. All our pension companies own land, property and have shares in housebuilders. We now all depend on it.