Mr. Michael Walsh:

We have used acquisitions in the past couple of years. The situation is that money has become available only in the past two years in substance. Historically, in policy and otherwise, this was done through leasing and other measures. Substantial money has been available. We used acquisitions as an instrument to even it out. The reality is that, starting from nought to 60 in terms of development, most projects take two years to go from inception to conclusion, or from when one first had the bad thought of moving onto a site to the completion of a house on the ground. I think we will see next year and the year after, that we will transition to far more builds. There will still be some acquisitions in the current year and there are still locations in the country where one does not distort the market and one gets serious value for money on purchases.

That is generally the situation, but equally we will transition more towards own build, and we estimate we will have 1,500 of these this year and perhaps a further 1,000 in the following year.