home and rent prices on households' private consumption expenditure. We find that an increase in home prices acts to …) as against a smaller contribution in the preceding years. The increase in rent contributed to a decline in consumption by …

housingdecisions and future intentions to buy versus rent are strongly correlated with perceptions of houseprice risk. Households … rent but do not mitigate the impact of riskperceptions on housing choices. Finally, we show that households update their … than owners, which might explain the staggered entry into homeownership of differentgroups in response to house price …