No that's not it at all. The fundamental problem is that everyone wants to live in the same few square miles of London, exacerbated by the fact that London property is seen as the new Swiss bank account by ultra-rich foreign investors from let us say less than stable regimes that might simply annex their wealth one day.

> The fundamental problem is that everyone wants to live in the same few square miles of London.

London has a limited number of square miles, but the limit on cubic miles has not been reached. Ie build up.

The private sector has never been able to build enough houses, the last time we had a problem on this scale the state had to do it.

The rules for developers have already been relaxed but it isn't making much of a difference.