It’s lower today than in 2005 https://www.nationwidehousepriceindex.co.uk/resources/5bwel-...

It is of course a lot higher than the 1950 - 2000 period, but I think two things explain this.

1. Women started having careers eventually doubled the borrowing power of the typical household

2. The housing is much higher quality (50s lodgings may not even have had indoor toilets; central heating wasn’t common until the 70s/80s)

So I think we’re essentially at a natural plateau of the house/earnings ratio, subject to volatility from outside factors. You could argue that housing has been unaffordable since the early 2000s, but the (false) narrative that’s usually pushed is of ever worsening conditions.