But, even so, the economy started to recover in 2004 and 2005, and house prices there have continued to rise in recent years. In the United Kingdom, house prices also flattened out last year, and this deceleration was accompanied by a slowdown in real consumption growth. More recently, house prices have started rising again, and consumption growth has also picked up.
Luis de Guindos: Concluding remarks - "Inflation in a changing economic environment" Concluding remarks by Mr Luis de Guindos, Vice-President of the European Central Bank, at the ECB conference “Inflation in a changing economic environment”, Frankfurt am Main, 24 September 2019.