I agree that IRs are an important component of house prices but (apart from a dip in 2003, where the lowest rate was 3.5% for four months) we had interest rates of around 5% until November 2008. And the facts show that houses were unaffordable at that time. I'll repeat this, because it is crucial: when interest rates were 'normal' in the decade to 2007 house prices were already out of reach of average earners. You can download a spreadsheet of bank rates here (
Bank of England).
Looking at interest rates alone doesn't show why prices rose from 1997-2007. So it fails to qualify as a 'primary driver' in that period - there must be other explanatory factors. And therefore a return to normal interest rates is not - unless accompanied by other changes - going to fix things, unless your definition of fixed is to take us back to 2007.