The Economist has an interesting interactive tool that plots house prices across the world (well the major economies where homeownership has a market). The tool can be used to show the House-Price Index, Prices in Real Terms (after allowing for inflation), prices against average income, prices against rent and the % change.
The problem with any data is that it invariably relies upon an average - there are regional variances of course and as we all know, with property there is the all important phrase "location, location, location". Never-the-less this does reveal a poor set of statistics and shows Britain to be more "out of kilter" than the US when it comes to prices against average income. It would appear from the data, that the average house price is now at 2006 levels and that when allowing for inflation, property prices are actually at 2003 levels.
Have a look at the tool.
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