The message from the banks is to walk calmly to your financial execution. Don't panic because it won't do you any good to panic. Walk calmly and keep smiling.
Jobs growth is more important that house prices as a determinant of spending but spending is statistically correlated to B O T H. In any case the economic impact of many an event is L A G G E D. Bloxham knows this.
Going a tad deeper into the interrelationships, consumer spending is highly correlated to disposable family income which in turn is correlated to interest rates. Employment levels are correlated to global interest rates. Net immigration is a key employment driver just as overall employment prospects are a driver of net immigration. Every factor links in some way to every other factor. The banks aren't discussing any of the complexities because they want you to stay happy.
In the short term consumer spending will be resilient to black swan events. Less so in the medium term, and even less so in the longer term.
cheers
