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Ultimately, the UK economy is very dependent on the housing bubble that has built up over the last decade.

Governments will be forced to do everything they can to keep it inflated, as if it pops, then the damage to the UK economy will be immeasurable.

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I think it's a when, not an if. The only way to avoid a housing pop is to not blow a housing bubble, and it's a little late for that.

Yes, it'll cause pain. The longer they keep kicking the can down the road, the more people get sucked into buying at comically inflated prices on the assumption of ZIRP+HPI forever, the more painful it'll be. And the politics are slowly but surely changing, as the shut-out shift from an easily-ignorable minority to a near-majority.

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