Perhaps it should. The UK has both low unemployment and also a cost-of-living crisis, which implies (to me, I'm not an economist) that labour is underpaid locally compared to other economic inputs.
The cost of living is not just related to salary but also energy being 3x more expensive than usual, house prices, food prices going up 30%, Brexit, etc.
Any increase in wages is taken by landlords who increase the rent. The competition for a house isn't the next door house, it's not living in the city at all.