The problem faced by the UK, and many other countries, is not that people are renters, it's that they have diminishing financial security. Swiss people rent more than any other people in Europe (only 35% homeownership rate) but they are relatively more affluent and being a renter does not impair their ability to save and accumulate assets. Spanish people own their home in a large proportion and I'm sure Swiss people wouldn't trade with them.

Let's not conflate the means with the end. The goal is to make people financially secure, homeownership can be a mean to that but it's far from automatic. In fact homeownership can be a consequence of financial security.

Your home is an incredibly illiquid asset, and you are likely to need to liquidate it at the worst time.