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Treasury Secretary Danny Alexander claims London's housing prices are the exception as he hit back at Vince Cable over claims the Government is in danger of stoking a new housing market bubble. Mr Alexander ruled out calls for a rethink of the second stage Government's Help to Buy scheme.
Mr Cable has warned that providing Government guarantees for low deposit mortgages risked stoking property prices - creating a dangerous new asset bubble.
However Mr Alexander said the concerns of the Business Secretary - who represents Twickenham would simply not be largely recognised.
"We are a million miles away form a housing bubble in this country," he said.
"Of course in central London, in Kensington and Chelsea, you see very high house prices but I don't think we should allow the tail of central London to wag the dog of this policy.