By Rowan Moore

I have lived, my whole adult life, through the project known as the property-owning democracy. It was based on the idea that property would make you a better, happier and richer person and responded to the simple, reasonable and powerful desire of very many people to own their home. The property-owning democracy would set you free. For Margaret Thatcher, for whom it was a defining and prodigiously successful concept, it was a “crusade to enfranchise the many in the economic life of the nation”.

So she sold off council houses to their tenants and deregulated and liberalised mortgage markets. From 1980 to 1990 rates of home ownership rose from 55% to 67% of households. At the same time prices rose, almost trebling during her 11-year term. In general Thatcher’s government prided itself on fighting inflation, inflicting heavy costs on employment in an attempt to bring the annual rate down. But with property it was different. Inflation, when it came to homes, was to be celebrated. It was seen as a sign of economic virility, and it made those who had bought feel good. Succeeding governments followed her lead in encouraging both ownership and rising prices. Values more than trebled in the Blair era.

Eventually the inflationary part of the project defeated the ideal of widening enfranchisement. Newcomers to the market just couldn’t afford it, and from the mid-00s rates of ownership started to fall. At the same time the stock of council housing declined. The symptoms of what is now called the “housing crisis” became plainer and plainer – fewer and fewer young people buying, more living with their parents or in rented homes whose prices continue to rise. Private rents are now at their highest level ever, up 20% in some regions over the previous 12 months.