But the author's analysis is really, really, simple minded.
Supply meets demand - true in most cases. But not this one.
The problem with the housing crisis is that a huge percentage of the top of the market is no longer being actually used to provide housing. It is INVESTMENT, and usually offshore, tax-free, and sometimes illegally-gained investment funded. These houses stand empty, great towering symbols for how wimpy the UK's laws are, and how we are simply being used as a giant game of Monopoly by Russian oligarchs, Arab princess, and drug lords. All because the UKs laws make it very, very easy to escape paying taxes if you can claim foreign investment or transfer of ownership.
When such a situation exists, the "supply" and "demand" of housing is totally out of balance, because it breaks the relationship between housing and actual income used to pay for it. By making it essentially a tax free game of Monopoly investment for the top of the market, it has introduced distortions that have filtered down to every single level.
IF you want to solve the UK's housing crisis, it is simple. Close the tax loopholes that have elevated the top of the market and made it a speculator's paradise. This will then correct down the market chain in a few years.
Oh, wait...you see, that CORRECTION is actually reflected in lower house prices. Which we that are struggling to BUY houses really, really need - but the top 10% of the country (being landholders) do NOT want to happen.
Which is why, in reality, the problem of housing in the UK is basically unfixable. Because to truly correct it, the landed gentry, and even the upper-middle class, will have to take a huge hit in house valuations. And NO government will let that happen...