The usually sceptical FT has used the new European Quality of Life Survey to alter its view on east European property.

It said today 'even in eastern Europe, where there is most concern about households' vulnerabilities, the effects of any renewed crisis would be muted because of the low proportion of households with mortgages'.

Well, yes, that's right FT. The difference between western and eastern Europe is that western Europe has been gorging on debt for 20 years. Whereas the east European housing markets haven't really got started yet.