Just when it looked as if the exciting spectre of a colossal property market crash was nothing but a fond memory and the fantasy of a bunch of economic survivalists, David Miles, chief economist at Morgan Stanley and former Government advisor, has made the media's day with this:

Significant falls in real house prices are needed relatively soon to match demand to supply.

His point? That "expected house price inflation" - a kind of collective will - has overcome the usual motivators for price growth (earnings, interest rates, supply-and-demand) and, well, you know how fickle people are...

Read all about it.