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From the late 1980s, the UK government’s retreat from building houses in addition to strict planning legislation, the supply of housing had failed to meet government targets. For example, the government estimated in 2007 that they would need to build 240,000 homes annually until 2016 to meet demand, but housing completions fell drastically after the credit crunch. The government then needed to build 300,000 homes annually by the mid-2020s but by 2019, new supply was only at 220,000 houses. The undersupply continues to snowball. Image credit & source: Economics Help & ONS 2022