Current housing minister Kit Malthouse has delivered a damning verdict on the market.
He told delegates at the Conservative party conference: “Something has gone wrong when your kids have to wait for you to die before they can get on the property ladder.”
He was speaking at a break-out panel hosted by online mortgage broker Trussle and independent think tank Bright Blue.
Other panellists included deputy London mayor James Murray who said that 80% of newly built homes in London are affordable to only 8% of the city’s renters.
Trussle founder and CEO Ishaan Malhi said that many young people struggle to get on the housing ladder.
He said: “Some people can afford the actual mortgage payments, but it’ll take them an average of 19 years to save up the deposit.
“Everyone should be able to dream of owning a home. But with homes increasingly unaffordable and mortgages not easily accessible, home ownership is becoming more difficult for the current generation.
“Both the Government and the industry need to address this today.”