The property market in the UK doesn't function as a means to provide homes for people to live in anymore, it just serves to make money for people with money.
There's nothing wrong with 50% of the population renting, it's the norm here. In Germany the property market is regulated in such a way that market prices increases <5% steadily and don't suffer boom bust cycles (unlike the UK, where they are encouraged). Steady, stable growth is the ideal platform for investment and plenty of homes get built. Properties are generally invested in by businesses, and individuals generally invest in businesses instead of property.
But then, Germans are fiscally very conservative, plan long-term, don't take on debt unless it's absolutely necessary, acknowledge that stable growth and investment in business is the best thing for the country long term. You know, are generally responsible.