The U.K. government unveiled Tuesday its proposals to solve the severe housing shortage in the country to a calmly enthusiastic reception from the property industry, who admired its scope but see an uphill struggle to correct years of inadequate policy initiatives.
As had been well-flagged during the few months of delay before Tuesday's release, the key feature of the white paper was a shift in emphasis towards boosting supply rather than stimulating demand.
The change in tone towards support for a variety of housing solutions -- including a concerted drive to improve the attraction of renting for the longer term and initiatives concentrated on enhancing community living solutions -- flies in the face of years of government measures aimed at encouraging and advocating home ownership.
"The government is absolutely headed in the right direction with this paper which takes a really important step towards delivering the right number and type of new houses for the next decade and beyond," affirmed Adam Challis, Head of U.K. Residential Research at Jones Lang LaSalle (JLL) via phone to CNBC.
Most important was that the paper provides a guidelines on how both the public and private sectors should tackle the shortage in supply, agreed Melanie Leech, Chief Executive of the British Property Federation, in emailed comments to CNBC.