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Talk to spokesmen from Number 10 and they are unequivocal—there is no housing bubble. Not in London, not in the south east, not in Britain over all, none. All talk of a bubble overlooks the fact, they say, that houses are still below their long-term peak values. Furthermore, the Bank of England’s Financial Policy Committee is specifically instructed to look out for any signs of bubbles and as yet it has not blown a warning note on the housing hooter.

In this reading, there is no cause for concern—no cause, either, to question the government’s Help to Buy scheme, by…

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