This was inevitable , the moment you make the initial deposit low on anything , the genie is out of the bottle. The rest of the package is not so important. People lie about their income and potential but finding the initial deposit is another matter. This is true for all major purchases e.g TVS and Cars , as happened throughout the post war period. That's why we had the cycles of boom-slump, inflation and the final house bubble.
The only time we had a fairly stable market was in the 1950s and early 60s when the minimum initial deposit was around 10% and the maximum morgage period was 20 years or before the age of 65 which ever was the shortest.
It also was the case with a young married couple , only the income of one person could be considered ,usually the man's. The arguement was that the woman's income would be interrupted by having children.
This changed in the mid 60s when both incomes were accepted and with it the inevitable upsurge in morgage take ups . Which led to higher personal debts , demands for more pay and inflation.