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mpc: 27 In the United Kingdom, house prices appeared to be correcting towards a more sustainable level relative to earnings. But it was uncertain what that level was or how quickly any adjustment would occur. The impact of house price movements on consumption was also a key uncertainty. The Committee did not expect a less buoyant housing market to imply a substantial weakening of household spending. But there was a risk that the Committee had underestimated the potential impact. Overall, the risks from the housing market to GDP growth and CPI inflation were on the downside.