Tube Fares versus UK House Prices 1990-2013.

Are we adjusting for inflation?

Depends which type of fare you are comparing.

According to charleyfarley in this thread:
districtdavesforum.co.uk/thread/18264/rise-475-21-years?scrollTo=318048&page=1

1991 Zone 1 tube fare 90p

according to this 93 Travelcard Poster :
3.bp.blogspot.com/-Kx2j9X6IFt0/TpFUXR7Os6I/AAAAAAAARRc/myS5E_u5Kzs/s1600/P1090751.JPG

1993 Zone 1-6 off peak travelcard = £3.50

The graph at following site monevator.com/historical-uk-house-prices/ shows 1990 London house prices at £100k and 2011 at £260k ie a 160% increase.

So with that data, house prices have gone up more if you use Oyster
Zone 1 single has gone up from 90p to £2.10 on Oyster so only 133% increase
1-6 Off Peak Travelcard has gone up from £3.50 to £8.50 on Oyster so only a 142% increase

However if you use cash, Zone 1 single has gone up from 90p to £4.50 so clearly the fare has gone up 300% which outstrips house prices but the Travelcard only goes up to £8.90 so an increase of 154% so broadly in line with house prices.