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Cheap money stimulates demand. More demand encourages supply. So far, so very simple. But how quickly and how adequately extra demand is met on the supply side, or whether it spills over instead into price inflation, depends on real-world dynamics. Apply such principles to U.K. government policy in the housing market – where stimulus has come from increasingly generous FirstBuy, NewBuy and now Help to Buy programs – and the conclusions are far from reassuring.