Housing has suffered more than almost any sector since the recession. Output has plummeted from 207,370 net additions to the housing stock in 2007/8 to just 121,200 in 2010/11. This is not just the lowest level on record, but also only half the number required to keep pace with demand.

Both private and affordable housing have been hit. Initially, the private market was most badly affected. Indeed, the last Labour Government's stimulus package for housing investment through the Homes and Communities Agency (HCA) helped sustain social and affordable housing output through the worst of the recession.