Mass migration has little to do with it. The fact is, adding taxpayers to the pool who we haven't had to raise or educate is a net benefit to us (even if it is a loss to their countries of origin). The problem is that we decided to turn housing into a speculative asset rather than a retaining it as a utility. Decades of policy have gone into this, be it the right to buy, the bank of England's mandate, lending ratios expanding over time, and permitting NIMBYism and massive flows of rent seeking capital from abroad.

The BoE's mandate is particularly salient as it is for maintaining 2% inflation: the official measure of which excludes house prices and includes wages. It is very much the way it is by design.