Did a similar property boom take place in another country or throughout history like we have seen in London? If so how did it effect the economy?
According to the ONS the house price-to-earnings ratio was 12.8 in London and 7.8 in England as of 31/12/2019.
According to Schroders the house price-to-earnings ratio in England was consistently above 8 until the late 19th century (see graph below). In 1845 it was 13 in England, so it was arguably higher than that in London at the time.
What I don't find very clear is if Schroders are referring to housing units when they speak of houses. They say that &quot;houses&quot; where bigger in the 19th century and hence more expensive. Obviously the average earner did not live in a bigger house but would have shared it with other average earners.
A more sensible statistic would hence be something like a &quot;minimum housing unit price-to-earnings ratio&quot;. Comparable prices would still likely be higher in the past. But it shows that creating comparable data would require in-depth study not just of the economics of housing but also how these houses are used, i.e. what can realistically be considered a minimum housing unit in the 19th century given the housing conditions at the time (Engels published The Housing Question in 1872).

Source: Schroders (30/01/2020)