The UK housing market is in a bubble. The OECD advised that UK home values have climbed 36.6% since 2004. The Bank of England said last week that mortgage approvals have surpassed 60,000 a month, 6 months earlier than predicted. I’m sure this will all turn out lurvely with lots of fluffy kittens included but a speculative real estate bubble validated as the key driver of nominal economic growth….what could possibly go wrong? Obviously this time, it will be different.