However, quarterly figures should be treated with a good degree of caution given the volatility of this data series. Given the slowing conditions in the housing market, spending for the construction of new housing is unlikely to be an important direct source of overall GDP growth this year, after having contributed close to ½ percentage point last year.
In addition, the slackening of house-price appreciation could hold back growth in consumption spending through the so-called wealth effect, or the effect that lower overall housing wealth has on consumption.