Didn't Fred Harrison say it won't be until 2018 that the bubble pops?
edited to add: just checked: 2019
Well, according to the 18-year cycle theory, the mid-cycle downturn is still five years away. That means the agonising over bursting bubbles is premature. But it also means that the house price take-off, which began early this time, will be all the more painful next time.
Most of the pain, of course, will not be felt by London property owners. The proportion of high loan-to-value mortgages has reached 25% in the north-east, compared to 7% in London, according to data provided by chartered surveyors e.surv.
The economics of apartheid continue to operate, with a vengeance, thanks to the cash subsidies and indemnities from Cameron’s coalition government.
from: http://www.sharetherents.org/return-sub-prime/