Which glory days are these you speak of? I guarantee that this line is full of holes.
There was throughout the 40's-50's-60's and 70's huge demand for housing from rebuilding from WW2, slum clearance and modernization, baby boomers (increase in population). There was full employment. I remember people still living in timber framed asbestos prefabs in the early 1980's in Coventry.
My points is the demand was always there. There was not much of a private house market until the late 1970's. There was a house shortage and had always had been to where Labour governments seized private land to build council estates. People just didnt have the huge debt in those days as very few had a mortgage let alone not being able to pay it.
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