The reignition of the UK housing market, led by London, has been a key factor behind the rapid recovery seen in the UK over the past year. Not only has it fuelled a renaissance in the UK’s recession-ravaged construction sector, boosting GDP growth directly, but it has also helped sustain, via confidence and wealth effects, what has been a surprisingly robust recovery in private consumption. But while this has fuelled a great deal of angst about a UK housing market bubble, as we point out in a special report on the UK’s housing market, a look at the data reveals that to be largely a function of London-based commentators reflecting their own experiences. It is definitely not the experience of the vast majority of the country. Look beyond Greater London and there are few if any signs of a housing market bubble.