For housing, you have to back out the effects of interest rates as well, since the purchase price isn't what hits the monthly budget of households, but rather the payment price. I don't know what the reputable sources for UK mortgage rates are, but in the US, until quite recently, mortgage rates were about 30-45% of what they were in 1975 (~9%), so I'd expect the same monthly budget in real dollars to show up as a lot more capital buying power (expressed as a purchase price).

Well interest rates are now rapidly rising, so we're about the get the worst of both worlds.