Agree that there have been some one-off effects (that if they are to undo it will take a long time - 50 years plus).
Firstly, there have been significant changes to family structure affecting the demand for housing (see slides 4 and 6 here: https://www.lse.ac.uk/social-policy/Assets/Documents/bsps/events/Explaining-changes-in-family-size.pdf). This can’t continue at the same rate, and it will take an unwinding of societal attitudes to put the genie back in the bottle. This adds to pressures from immigration, and is at least as big a contributing factor.
Secondly, the housing market has become increasingly clever at, in effect, borrowing from future earnings. So we have brought forward more and more future income to pay for current spending, and we have borrowed from our children’s futures. There is no (easy) way back from this, short of wealth / inheritance taxes. It would take a seismic shift in political opinion to change this.
I think that we’re stuck with this for our lifetimes. We might get the odd 10-20% correction, but nothing to undo what happened in 1995-2007.