With me so far? Good. Now after months of this, the market is almost dead. No one can afford to buy, so no one can sell. So some developers start making promotional offers, including stamp duty rebates, in an effort to get the market restarted. This, our esteemed Chief Executive solemnly declares on last night's news, "could have a negative impact on the property market".
So, let me see if I've got this straight. The government makes property more expensive in order to make it more affordable. Then when this bizarre policy somehow actually starts working, with developers effectively lowering their prices, far from welcoming this, the government pronounces it to be unhelpful.
- The government doesn't know what the hell it's doing; or
- despite its proclaimed commitment to more affordable housing, the government is secretly conspiring to keep prices out of reach of aspiring homeowners.