The politics of British house prices have changed. For years, rising house prices were an electoral asset. No longer. Many homeowners who once welcomed this situation now face having to pay for their children’s houses. For the middle classes, rising house prices have become an affordability crisis.

No one wants falling house prices. What we want instead are house prices increasing more slowly than earnings, making housing more affordable over time. Given rising household numbers and incomes, only more housebuilding can deliver that goal. The government now understands this. After a decade of pitifully low levels, it has announced new housebuilding targets.