Increasing demand is not helped by the fact that we're losing family homes to 2nd homes and holiday lets at a significant rate.Rents are never going to come down while market conditions continue to support rising prices.
Decades of a lack of supply is going to do that. Prices are only going to reduce if supply starts to outpace demand. Demand for housing isn’t going anywhere anytime soon.
According to the stats, we're losing 29 homes every single day due to this. ~11k homes per year. Since we're building <200k, that's significant.