Britain's economic recovery could prove to be a "short term bounce" if it is based on a housing boom, Vince Cable has warned.
The Business Secretary insisted sustained growth depends on rebalancing the economy and preventing a return to "boom and bust".
The comments, during a keynote speech at the Bank of England, are the latest expression of concern from the senior Liberal Democrat over the state of the property market.
He also launched a scathing attack on the Tories, branding their plans for deeper spending cuts after the election "slashing for its own sake", and complaining that the prospect of a referendum on EU membership is undermining business confidence.
In the address to the Royal Economic Society, Mr Cable argued that a "real recovery is taking place".
More top news
National Audit Office figures show 2.7 million 'hospital bed days' are lost each year due to delayed transfers of care.
Parliamentary inquiry finds thousands of children could fall prey to sexual exploitation and gangs because of flawed warning systems.
David Cameron said the June 23 referendum is the most important vote young people will place in their lifetimes.