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Hello my name is Simon regal I am the auctioneer at lam beau Smith Hampton we've had a mixed day the majority of the properties that we sell and have done for many years come out of the public sector and the insolvency portfolios that we#39’ve done very well with those properties today particularly those from the public sector because of course that#39’re fresh the market we'recertainly seeing the market dry up with demand for secondary investments as there is no equity funding available however much of the public sector property which is new to the market cash buyers are there and are prepared to dip in and have a go looking ahead to next year it's going to be very interesting we think that from the end of this financial year which is effectively induction terms February we're going topee as a result of the government cutbacks to the public sector very large amounts of property both from local and central government being put onto market we also think that as the bank#39’s start going back into a more profitable situation and particularly here we#39;relooking at Lloyd TSB and RBS who hold massive insolvency portfolios we think that they will start wanting to clear the decks and have a fresh start to 2011so we expect to see more property coming from a different sector rather than institutional property country sector rethink it will come from insolvency and the government sector okay thank you very much and do you Chinese anything else to talk about especially your challenges Oh what kind of difficulties people carry on I think the biggest challenge facing the property Mart at the moment whether it'the commercial property market or the residential market is the lack of borrowing until the bank#39’s start to lento those who actually need to borrow, and they start to lend at reasonable price sand a reasonable percentage we won#39;really see any increase in value the worry is that the sheer volume of property waiting to be sold is so great that will continue to depress values foursome considerable time to come Okayama was that really the main fear of the people at this moment in time Think the main fear it#39’s not such a feral is uncertainty the government wouldlike us to go out and spend for many people they are still in work their mortgage repayments have never been allowed, and they have spare cash you can see that from trying to get a builder everyone is building a new kitchen putting a lot of extension on in London they're putting basements in so that#39;responding freely on their own assets whatthey'’re not doing is going down to the shops and spending there, and although we may see a little surge of Christmas with the buying for Christmas presents the worry is in the retail sector that once we move past Christmas into the new year will see spending drop away which ingoing to effect high street rents okay hey thank you very much I'm going to and see you at the next stop is Henry Hill right okay but by now but if you want any more come and...
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