I think Londons prices must be round the same as New York?
Same sort of problems, too many people with a housing shortage, with the older generation, they'd leave home at 18, get a council house/flat subsidised, while they saved to buy their own private home or they'd buy their council flat, (plus there was no recession).
There is no hope of doing this nowadays, I never even thought of getting a council flat (as I had no kids, I had no chance), had to go to straight private renting at extortionate prices.
Luckily, I have the deposit these data, but the banks are stingy on mortgages, so less people are selling up, so now I'm having trouble finding something I like.
It's a lot of factors and sometimes not a case of "I'm staying at my mums cos I like free food", for some people it's financially impossible with an average job and no council housing.