This video is a bit old but still very revelant.
Graham talks about the housing bubble in England, and Australia. There are many signs of a massive Australian housing bubble, although I am not familiar with the situation in UK. According to many metrics such as; price to rent, income to home price, and home price increases versus inflation, Australia looks a lot more scary than the US did in 2007. I previously wrote about the Australian housing bubble in this article-http://www.gurufocus.com/news.php?id=103312
Jeremy Grantham, founder and chief strategist at GMO, on bubbles. He says two currently exist in UK and Australian house prices and two could form in emerging markets and commodities. Grantham states “There is nothing more dangerous and damaging to an economy than a great asset bubble that breaks - and this is something that the Fed never seems to get.” He counsels caution and investment in companies like Coca-Cola. (6m 19sec)
If you have trouble viewing the video on Value Walk, here is the link to the original video- http://www.ritholtz.com/blog/2010/04/ft-jeremy-grantham-on-bubbles/