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mpc: 16 The Committee considered to what degree this apparent slowdown was likely to persist. On the one hand, the underlying determinants of consumption appeared still to be quite strong. The employment rate was stable and earnings were growing steadily. Nor were equity or housing wealth falling abruptly. Although house price inflation had fallen off sharply and housing market activity had declined from its peak, the most recent data suggested that the market might be stabilising. According to the average of the Nationwide and Halifax house price indices, the three-month on three-month rate of house price inflation had changed little between February and March, and remained positive; net reservations and mortgage approvals were no longer declining month to month. The weakness in consumption could have been brought about by temporary factors, such as uncertainty about how quickly the housing market would stabilise or about the path of interest rates. The slowdown might partly have reflected the recent low level of housing turnover, affecting purchases of the durable goods associated with moving house, but it was evident in spending on some other items, too, such as vehicles.