Of course it was fucking stupid. Great vote winner at the time though as Labour voters finally thought social mobility was on the horizon for their children. Instead it's resulted in no increase in social mobility (arguably less with the introduction of fees) and massive debts for the nation's young.
I think there are immediate things that can happen to improve the situation:
- Introducing better renters rights so that saving a deposit is possible when privately renting
- Tax the fuck out of second+ homes and habitable houses that aren't occupied
- Enforced low cost sale of brownfield sites to councils if left undeveloped for a long period
- Make housing developers build a minimum percentage of 2 and 3 bedroom houses on plots (especially if they're in short supply in the area)