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mpc: 14 Alongside the growth in consumption, the latest indicators from the housing market also suggested strength in both prices and activity. The average of the Nationwide and Halifax indices of house prices had increased by 6% in the three months to April over the previous three months. This rate of house price inflation was significantly higher than had been envisaged at the time of the February Inflation Report. Estimated growth rates of secured lending to individuals going back for more than a year had been revised up, and the twelve-month growth rate had increased in March to 15.2%. Housing transactions were at a high level, while loan approvals, and the ratio of housing sales to stocks in the March survey by the Royal Institution of Chartered Surveyors, pointed to continuing buoyant activity.