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mpc: 19 If house prices did follow a higher trajectory over the next year or so than the Committee had previously expected, that would not necessarily imply that consumption need be markedly stronger. That would depend on the strength of the causal link from house prices to spending via higher collateral for credit-constrained households. It was notable that the growth rate of consumption in nominal terms had not been particularly rapid over the past couple of years or so and the saving rate had been broadly stable, despite the strength of the housing market during that period.