As I described in a September post, London houses have undergone a sudden and significant price rise. Rightmove have now put a number on this - a 10% increase in September for London, 3% elsewhere. Despite this, Boy Osborne tells us this is not a bubble.
Where is Ed Balls when you need him? Balls would no doubt describe the sudden rise as "a short-run anomaly correcting a fiscal frictional lag in the long-run housing supply curve" or some similar verbiage and not a bubble. No, no, definitely not a bubble at all.
And given that the average London home-owner has just made a tax-free £40,000 last month alone, who's complaining?