Bubble?!
Are you lot daft.
easyJet is the biggest airline after BA in the country. Join them up with Ryanair and they carry similar amounts of pax in Europe.
During the last 12 months they have been the ONLY scheduled airlines in the UK to make money.
During the next 12 months they are the ONLY airlines with expansion plans to add significant number of new aircraft.
During the next 5 years they are the ONLY airlines that have some form of business plan that looks both viable and bold.
These airlines get in peoples faces and sell them a product they evidently wish to buy. Pax numbers up 40 odd % year on year. All those passengers aren't just trying a low cost airline and deciding whether they like it or not. The majority are REPEAT customers.
BA and BMI and their like are being beaten back to Heathrow and Gatwick and are plainly loosing the war badly in the regions. easyJet have Gatwick firmly in their sights already and nobody wants to use LHR due to the dissproportianate cost for short haul aircraft handling there.
This bubble is not going to burst.