A fairly informative answer to this question cropped up in a BBC Newsnight interview in September 2017. Mervyn King, (Govenor of the Bank of England 2003-2013), replying to the question:-
Segment: 6 mins 8 secs to 7 mins 27 secs
One of the consequences ... of the financial crash is the rise of
populist forces, on the left and the right. Do you see anything ...
that will constructively address the anger and annoyance of the public
at what happened a decade ago?
No, I think the problems are very much deeper, and I'm not sure that
any one country will find it easy to find a route out of the problems
that we face. I think we'll need more international cooperation. But
the problems go back before the financial crisis, to the enormous
influx of people working in manufacturing around the world, to the
enormous amount of savings that were placed in the world economy, to
the reduction of interest rates, which was the main factor pushing up
the prices of houses and assets of all kinds, which led to the
expansion of the banking system and its ultimate collapse. So I think
these are deeper factors and I don't think any one country will find a
simple solution and I don't think that the solutions we've seen are
actually likely to bring about a resolution of these problems.
So taking a look at the interest rates.
"The highest period of interest rates was in the late 1970s, when the government were fighting high inflation caused by oil prices and rising wages."
And looking at the house prices rising from the 1970s.
And also taking a look at what was going on with the price of oil.
The 1973 embargo and 1978 Iranian export cuts hiked the price in the 1970s.
While no doubt it is a complex picture, not just oil and interest rates, the interest rate factor is revealing.
Finally another quote from Mervyn King:
There are broadly two types of explanation for the fall in long-term
real rates around the world. The first explains low interest rates as
the outcome of an increased propensity to save and lower willingness
to invest in the world as a whole. The second explains them as the
result of rapid growth in money and credit which, in a “search for
yield”, drives asset prices up and interest rates down.
Perhaps this “search for yield” could also be linked back to the "monetary system's debt requirement" which I mentioned in the question.