A crisis is a short-term or immediate event. In the housing sphere, the concept seems to apply differently. The UK’s housing problems have built up over a long time and will also be resolved, if done effectively, over a lengthy period. Housing is technically complex and is structured by systemic lags and inelasticity. Arguments are highly ideologically situated. These are the classic sources of wicked problems and perhaps that is a better way of thinking about the housing crisis in the UK. Unaffordability, lack of access to home ownership, unplanned growth of private renting, insufficient affordable housing options, growing homelessness and wider shortages of housing—particularly for non-market housing—are chronic problems patterning the UK’s housing system. Housing strategy and policy designed to deal with these issues are often incoherent and uncoordinated. This chapter will examine housing costs by tenure and geography and focus on the drivers of those costs and their variation. We distinguish between external shocks, the cost of living crisis and internally generated adverse housing processes and outcomes. We also identify major policy failures at the root of our housing problems.