Mr. Derek Moran:

It is fair, as characterised by Mr. McCarthy, that there is improvement and recovery, but it is often incredibly low-based. Output fell from a massive historical high to a very low number. As one grows from that much lower number, one can get very high percentage income changes, but that does not convert to a huge amount of activity. There is certainly room for it to develop. We are not yet building enough houses to meet demand in the short to medium term. I believe that recovery will come, but it will take some time.

In terms of stamp duty as a lead indicator, I would not overestimate in so far as it also includes share transactions. There are a range of elements in it. When it was 9% and we were getting 9% of every transaction, it was hugely significant. The rate is now 1% on everything, generally speaking, and it is de-risked as a tax. I will ask my colleague Mr. John McCarthy to respond on the housing side.