It is astonishing that the private residential and Housing Board resale markets have been buoyant for several quarters despite the woeful economic impact of the coronavirus pandemic.

Clearly, there is a disconnect between the property market and the larger economy. The danger is that, if left unchecked, prices could run ahead of economic fundamentals and create the risk of a destabilising correction later on. Borrowers, too, would be vulnerable to a rise in interest rates that appears to be looming. It is with this in mind that the authorities have seen fit to introduce cooling measures to moderate rising prices. The ultimate aim is to promote continued housing affordability.

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