John Stepek

I mean, to be fair, yeah, I mean, we get tradespeople to do things and professionals to do stuff.

I certainly don't want to defend myself in court either.

So, yeah, there's definitely a function there.

It's just that the information asymmetry was always the problem.

And I don't think it's anywhere near as bad now, partly because, well, we've got ready commissions, which is clearly one thing that this German study is referring to, which is no longer the case in the UK.

I feel the world has been put to rights in a rigorous manner.

Thanks, Mel.

Thank you.

40% in total.

I'd say the stats you've got are probably something in the teens, but in real terms, I'd argue it's close to zero.

I think that the key point here is there was a lot of growth from 2010 to 2020 due to quantitative easing, which wasn't real growth.

It was money stimulus growth.

And the growth since 2020 to today has been non-existent, in fact, negative.

And if you take it over 20 years, it's a much better picture than 10.

But without artificial stimulus...

There's no reason for house prices.

But all of that growth would have been in a short period of time as a focus of QE.

I think a lot of what you and John were discussing from a macro perspective, UK-wide, applies to London as well.

I hate to be as gloomy on a Monday morning, but most of London is suffering from those same macro factors.

Rates are going up, demand's coming down, there's an issue with the buy-to-let market, there's an issue with demand,