Mr. Ger Mitchell:

The answer is "No". From peak to trough, the graph fell by 55%. On a blended average, it has recovered 40% or so. The issue is the supply of housing where demand is greatest. In July 2013, 46,000 properties were for sale. This July, there were 37,000 for sale. The level is down approximately a quarter. The lack of supply is fuelling the increase, not cavalier or liberal underwriting practices.