Ms Caren Gallagher:

Yes. We are seeing a continuing trend. It is important to point out that the estimation approach is reflective of the proportion of those renewals that would have taken place. As was mentioned, we need to reach the point of having better data.

As for when we are going to see the 2022 data, an important priority for the RTB relates to providing authoritative, reliable and robust data and, as can be seen in the methodologies we have employed in our research, we strive for that. Although we are in a transition period, we wanted to give a sense of the estimation. We will not be in a position to publish data on the annual registration cycle until we get through and out the other end of the current cycle, after April next year, when we will analyse those data.

Nevertheless, when we do get there, it is going to be significantly enhanced. It will not just be the number of registrations. We are going to have visibility on the landlord data as well, which are an important piece of that puzzle, showing the number of landlords associated with the number of tenancies and the types of landlords. Importantly, and this goes to the point about landlords exiting, the survey shows the proportion of those landlords who are likely or unlikely to sell. Next year, we will see where new properties are coming into the sector. There is a churn; it is not that every tenancy is leaving. We will have a little more visibility in that regard and we fully intend to report on that.