Even with the usual caveat about taking one month's data at face value, it is clear there is something going on. The two indices from Nationwide and its rival Halifax, for example, show that prices have risen in the past three months together at an annualised pace of about 10%, enough to alarm the most relaxed of central banks.

The Guardian's Ashley Seager looks at the market, and wonders - where's the bubble? Oxford academics Gavin Cameron, John Muellbauer and Anthony Murphy reply, in the doomsdayers' imagination.