That's not a healthy sign, and I don't think that was the fault of "them". Individuals did that.
Policies from the government over the last couple of decades have combined with people's greed, and well we are where we are today.
Individuals are of course to blame too, but it is hard to pin point who got the ball rolling.
Owning your house isn't a bad thing if you can afford it and its value doesn't tank. The buyer is largely responsible for those things. Further, most homeowners treat their homes as an investment. They do what they can and trade up when they can afford [to mortgage] something better. When they retire, they trade down and release 50 years of equity.
Yeah pensioners with money. That sounds horrid.
The UK's housing issues are far more to do with the inadequacy of rents. Soaring rates (underpinned by flat welfare rates). Unfair terms. Agents that lump on their own hidden fees and arbitrary terms. In more than one case in my past, my rent has been substantially more than the equivalent mortgage would have been.
Renting would have to be a LOT! cheaper than owner occupiers to make renting a rational decision.
But if all these are true, then, sure, you should buy your own place.