Ms Caren Gallagher:

We can see from the data in the preliminary results that 94% of the landlords surveyed do this part time. It is not their main occupation. They have one property. Our survey is of small landlords but it is representative. We asked when they bought the properties and we can see a proportion did so in 2006, 2007 and 2008. They report that the properties are no longer in negative equity and have increased in value. We can see this coming through whereby people are divesting themselves of the properties they acquired at that point in time. They have either come out of negative equity or there has been a capital appreciation. It is a correlation we can see in the data from the survey. We are very happy to share the information we have with the committee today. We will be doing further analysis on cross tabulating and we will publish the results of our medium and large landlord surveys. Next year we will also have the results of the tenant survey. It is important that we have the experience of everyone in the sector including agents.