Nobody is a great fan of yesterday's housing announcements

Predictably this morning sees a great deal of bad reaction in the media to the announcement of the economic package yesterday.
It was to a certain extent usurped by the OEDC survey which predicted that the next two quarters will see negative growth in the Uk,whereas other G7 countries will not enter recession.This of course despite being told that we were best placed to batten down the hatches.

It is always a bad sign when the pro Labour Mirror isn't backing the government.Its leader this morning welcomes the news but adds

Quite how much it will do so should be known in six months or a year and the Prime Minister must be crossing his fingers.
Because if people feel insecure in their homes or are dumped on the streets with their furniture, they'll be looking for someone to blame.

The Sun on the other hand saying that

THE government has a worrying habit of inventing economic policy as it goes along.

and whilst also welcoming it in part it adds

The government was happy to take its slice when house prices were soaring beyond the reach of struggling families.
If it really wants to help first-time buyers, it should let the market settle back to a realistic level — and not encourage them to risk their money until it does

For the Mail it is too little too late

Yes, the package will rescue some struggling families - though no more than 6,000 - from the misery of repossession. And, yes, it will save a few builders' jobs. All of which is better than nothing.
But let's be realistic. After months of damaging dithering (and unhelpful interviews in the Guardian), none of this will have the slightest impact on our slide towards the recession which, says the OECD, will be upon Britain by Christmas

Amongst the heavyweights

The Times says

The Government has little power and no legitimate interest in supporting asset prices; its housing package gives the wrong political signals

and adds that

Intervening to stabilise the housing market is fundamentally misconceived. Trying to mitigate the consequences of irresponsible lending decisions carries its own costs. The combination of these approaches signals a retreat from what used to be counted the main achievement of new Labour’s economic management. Instead of adhering to a framework of rules, the Government is now engaged in piecemeal discretionary intervention and an appeal to sectional interests.

For the Guardian

the pressing political need for an eye-catching headline saw him resort to a costly cut in stamp duty which badly muddled the message.

and in its view

More fundamentally, the decline in house prices is not just unavoidable but in many ways desirable

The Independent agrees that a fall in house prices is one of the best things that could happen

The Telegraph asks where's prudence when you need her and says

The package of measures to revive the housing market, cobbled together over the summer, is an ill-equipped vessel on which to relaunch a foundering government.
Coming hard on the heels of the Chancellor's gloomy weekend prognosis and yesterday's forecast from the OECD that the UK economy will slide into recession in the second half of this year (the only major economy to do so), it needed to be both bold and convincing if it was to restore public confidence. It proved to be neither