There's a cautionary American view of the UK property market courtesy of Bloomberg's Matthew Lynn today. He suggests Mervyn King's recent upbeat comments are the sound of a man congratulating himself for first averting a rise in inflation and then perhaps averting a housing price crash. In fact for getting it just right. But we're not out of the woods yet, says Lynn, and points to rising unemployment (the longest stretch in 13), high levels of personal bankruptcy and low levels of economic growth. He urges caution.