Historical background to today’s problem
With much of the Uk cities and housing stock destroyed after WW2 and during that time the almost standstill of house production, a vast campaign ensued to establish fast, quality pre-fabricated housing to house the UK post war population, the advent of high rise council blocks and council estates was established. Millions of citizens lived in council provided housing.
Michael Heseltine then a member of Thatcher’s government stated in the early 1980s “There is in this country a deeply ingrained desire for home ownership. The Government believe that this spirit should be fostered. It reflects the wishes of the people, ensures the wide spread of wealth through society, encourages a personal desire to improve and modernize one’s own home, enables parents to accrue wealth for their children and stimulates the attitudes of independence and self-reliance that are the bedrock of a free society.’
This arguably marked the start of the inflationary house bubble. Of approximately 6 million council homes in the early 1980s 2 million were bought then,with many millions more over the decades to follow. Sincethis time the UK has experienced an almost nonstop upward shift in house prices.