Nope it doesn't. Because now, in many areas of the country (and I don't just mean small specific areas of a location, I mean large regions) what you want (or even would find "ok") is not just out of reach, it is massively out of reach.
OK, maybe not quite the same but a miss is as good as a mile at the time.
And then despite what you said initially, you go on to hit the nail on the head! As you said, before you were talking 2.5 - 3x salary. Now we are talking more like 6-10x salary (and in London even more).
In some areas of the country, things are not that bad. But in large parts of the country it is.
The main difference was in the alternatives.
The back-stop in the '70s for those that couldn't get a mortgage was a supply of council houses. They weren't easy to get, but a young family in genuine need could usually (maybe with a wait) get a decent roof over their head.
Come the Thatcher Government, they forced local authorities to sell their social housing stock to those who had the money at much reduced prices. Far more damaging, they then prohibited the local authorities from building new stock to replace the sold units. Given the high profile given to this policy, it borders on misuse of power in the same way as gerrymandering.
So we now have a situation where the limited quantity of social housing left forces those who can't afford the prohibitive cost of becoming owner-occupiers into the hands of private landlords, ironically, many of them letting out ex-council houses that were sold at greatly discounted prices.
What's the current administration's policy to solve the housing shortage? - why sell of much of what's left in social housing, probably to future private landlords! Although the housing associations will be allowed to build more dwellings, given the discounts they are being forced to offer, the cash realised will probably only cover low quality properties well away from thier voters.