Dr. Robert Kelly:

I cannot comment on viability in any given project because it is very project-specific but to generalise, there are definitely factors around whether the infrastructure is available. We have anecdotally picked up that it is not even that the costs of labour or inputs have risen but that there is an issue with the availability of labour. All of these things mean for a developer that it is just more expensive. There are issues around viability such as the uncertainty around the planning process and how it will play out. They all contribute to viability. It means, based on current factors, that in projects that require capital to be at play for longer such as apartment blocks, it challenges viability.