Project setup failure in QT creator

Yesterday I upgraded from Kubuntu 10 to 11.10 and everything works (as far as I've tested) except QT creator which reports that on 'target setup' that no valid qt versions are valid and that U should use menu 'tools/option' to give a valid qmake version. This fault occurs whether U try an existing C++ project or create a new or tutorial C++ project. However, QtQuick seems to work okay. I am using Qtcreator 2.2.1 which is based on Qt 4.7.3(32bit) version but Kubuntu 11.10 uses Qt 4.7.4 version.

Any solutions to this problem?