Also, to add to my other comments, I'm pretty sure there must be a shortage of trained builders etc., which would itself be having a big impact on housing supply. I've never seen any statistics on this, but my personal experience is that, whenever I've needed work done on my house, good reliable builders have turned out to be almost impossible to find... and the ones that do exist tend to be fully booked for months ahead. The going rates for independent traders seem to be around £200-£250 a day for labour for one person (excluding materials), preferably paid in cash. A quick calculation says that translates to about £50-£60K a year, enhanced by the obvious 'pay in cash' implication of tax dodging, but also offset by costs for vehicles and tools etc. That's not particularly unreasonable for a skilled job, but is far enough above what most people earn to suggest to me that that the market could support a lot more people working in that industry. Be interesting to know if any people in the building trade read this forum and would have any insight.