Like I said, I graduated into the financial crisis which was only a couple of years after the big EU expansion of 2004 and prices were already sky high then.
It was four years after. Almost half a decade. And problems with housing were almost instant. Romania and Bulgaria had also joined by then. Your claim that housing prices in 2008 can't have been affected by events in 2004 are, quite frankly, laughable. 1. The plague of buy-to-letters.
Buy to letters only exist because it is a good investment. And why is it a good investment? Because they have an endless self replenishing and growing market of customers prepared to pay increasingly high prices for an increasingly inferior product. To blame the problems on 'but to letters' without looking at why they exist or can get away with it is again, laughable.
2. Huge investment in London property by wealthy non-resident Russians, Chinese, Arabs etc (which means entire neighbourhoods in central London are full of huge houses sitting empty).
This is one part of the country. In a very niche market. It's also a very recent phenomena. To blame the housing crisis which has been going on since the early 00s on something which has been happening for a couple of years in a tiny area of the country - laughable.
3. Thatcher's right-to-buy policy and failure of successive governments to build new social housing.
You do realise that when council houses were bought they weren't instantly razed to the ground don't you? They remain part of the housing stock. Right to buy is irrelevant to the general availability of housing because that housing is still used. Building more housing. Well that's only something that is needed because our population is growing. And why is it growing? ONLY BECAUSE OF MIGRATION!!
4. Interest rates being at historic lows for nearly a decade, meaning that people who have mortgages have benefitted hugely at the expense of people trying to save to get on the ladder.
Doesn't change the amount of housing available. Also, stagnating wages have been one of the biggest barriers to younger people being able to get on the housing ladder. And houses getting more expensive as wages stagnate and demand grows. Because why? Migration.
5. Difficulties with the planning system and NIMBYs (mostly baby boomers who don't want their view spoiled) preventing new development.
And why do we need all these new houses building MIGRATION!
You can go round the houses and blame it on whatever you want. But it all comes down to migration. We have a housing and wages crisis because of migration.