Sir George, who was Housing Minister from 1990-1994, launched the National Housing Federation's "Home Truths 2009" report in the House of Commons.
"Average house prices in my North West Hampshire constituency have increased from £100,680 in 1998 to £233,759 in 2008 - an increase of 132 per cent. However, average earnings are only £22,012 a year, so average house prices are now 10.6 times the average salary. There is a real issue of affordability, which is why I am interested in increasing the supply of new homes - particularly homes that are affordable."
"More and more people who are unable to get on to the housing ladder are adding to the growing waiting lists for social housing. Whoever wins the next election will have to address this issue."
Sir George suggested that, instead of spending £12.5 billion reducing VAT last year, the money might have been invested in housing. "We would then have had something tangible to show at the end of the process, and of course employment would have been generated in the construction industry".
Sir George also said that pension and life insurance companies should be encouraged to invest in rented property, thereby increasing the supply. Sir George paid tribute to the housing associations based in his constituency - Testway, Sovereign, Kingfisher and Sentinel, as well as Test Valley Rural, for what they were doing to help with housing needs.
With Sir George at the launch was David Orr, Chief Executive of the National Housing Federation.