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UK house prices rose at 9.1 per cent in the last 12 months and are creeping ever closer to the levels achieved before the 2008 crash. So is there, or is there not a property bubble in Britain? That question sends anyone who pursues it tumbling down a rabbit warren of claim and counter claim. This is in large part down to that poisonous little word “bubble”, which has in the past proved such a slayer of economic reputations. In the run up to the calamity of 2008, when US house prices and financial assets were well into bubble territory,…

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