Until house prices drop back towards 3.5 times per average income this is only going to getworse. Lowering the interest rates hasn’t helped. There probably is a shortage of hoysing in the country but that is not what caused house prices to rocket out of control. Easy credit did that and low interest rates are part of it. The housing market isn’t your usual supply and demand situation, access to credit is what sets the prices, not the cost to build or availability. Lenders cap what they want to lend to 3.5 times avedage salary, average house price will be around 3.5 times average salary (probably a bit higher due to inheritance etc skewing the figures), remove the cap or make it 6.5 times and the average pricegoes to 6.5 times. Bottom line is same people are in the same house having paid a lot more. The only winners are people downsizing / inheriting and the banks, everyone else sees more of their income go on rent and mortgage.
Trouble is to get out of the mess will crucify a lot of people a second time who have bought in the last 10 years as they end up in negative equity.