Ms Marie Hunt:

When we look at reversals, we would be looking at two things. The first would be on the transactional side, and clearly the Senator can see from figures four and five that the transactional activity had begun to show signs of slowing down from late 2006. If one reads any report from that time, there was comment to suggest transactional activity was down year on year. The peak from a transactional point of view was 2006. Because of the way it is compiled, IPD does lag the market so it was some time later that it began to come through in those sorts of indices. Again, if the Senator reads all of our reports from 2007 onwards, in every single sector we were pointing out concerns that the market was in the downward phase of the cycle.