I think the problem is largely the enormous wealth extraction from the working class (this includes any working person, including high-tech and finance workers) to the old asset-owning class. Property prices (and rents) and income taxes are setup in such a way to effectively drain you of any potential wealth accrual. You simply cannot reach escape velocity in almost any job.

If you are a high-earning knowledge worker - you will be taxed to the pips, pay some of the highest OECD childcare costs, pay >= 35% of your paycheck in rent alone. The median house to median earnings ratio in even second cities like Manchester, Leeds and Newcastle are comparable to San Francisco. The older generation living an index linked lifestyle are completely immune to seeing these effects.

I've lived in the US too - there is a huge cultural difference in how house prices are treated. Even home owners bemoan high house prices, because they increase their property taxes. This is a huge cultural blind spot in the UK. And a similar system would be enormously helpful (but not exhaustive) in terms of incentives.