That depends where you are and on government policy. In London, for sure you're right. Elsewhere, across vast swathes of the North, take your pick of houses for £20k. There's no work though, so you won't want to live there and you won't get tenants that can pay any rent. There is housing, it's just no longer in the places where people want to live.Housing supply simply won’t keep up with the number of people seeking it.