Chart 1 shows House Price Index adjusted for All Male Wage Index. It shows how house prices change relative to All Male wage since 1961. It was oscillating around the average value until late 1990s. To reach now more than twice the average levels form period 1961-1997.
Chart 2, in addition, shows employment index. Normalized employed persons as a percentage of total population. This series is used to show how increased employment affected house prices. It is clear that slow but constant rise in employment is not responsible for sudden house price jump in late 90s. During the jump in employment in late 70s house prices even dropped slightly.