The Government's promised overhaul of the housing market is being criticised as too little, too late.

Finance Minister Bill English said they want to reform housing in the same way previous Governments reformed electricity or telecommunications.

Labour's housing spokesperson Phil Twyford said it's taken far too long for the Government to talk seriously about the issue, and he has a theory about why.

"They take the very cynical view that some Auckland home owners feel like they're getting rich as a result of it, meanwhile they've cut adrift generation rent."

But Mr Twyford said it's just more empty promises.

"Every year they've been in office the housing crisis has got worse, so they don't give the public much confidence if they're just wanting now to start reforming the housing market."