Ms Sharon Cosgrove:

AHBs are involved with cost rental and three of the bodies here today are involved with cost rental. There have been two calls so far and we expect shortly an annual scheme where we could, I guess, develop a pipeline. I hope we can bring down the cost through direct construction.

On the question of regulations, we have been very involved with the voluntary regulatory code. We welcome that and the statutory code as well, which will give confidence in the sector to investors. It is something about which we are very positive. It is clearly something that drives our performance across a bunch of areas, whether they are rent collection, maintenance, tenant engagement and everything else. It is something that makes us work very broadly across our activities in a professional way.