Okay, we all here? Yeah. Okay. Right. Well, I thought, I suspect you've all seen the presentation. However, I thought it'd be useful if we just remind ourselves of a few of the key slides before we head into Q&A. If we start with our financial overview, clearly, we increased our profits by 17% to GBP 203 million, and this was achieved with an operating margin of 19.5% for the first six months, and we expect a similar margin for the second half. The value of our first half reservations was GBP 884 million, which is an increase of 6% on the same period last year. As a result of our strong performance, I'm pleased to say the board has declared an interim dividend of 10p, which is up 67% from the previous year. If we go to the strategic overview and the slide, clearly what we've done is demonstrated a successful strategy of Redrow with a product range which absolutely perfectly meets people's needs and customers' needs at this precise moment. It's clear that customers' desire for larger quality homes is gonna be a long-term trend and supports our differentiated market position. Clearly, by evolving rather than revolutionizing our strategy, we've capitalized on a strong market for our products and places whilst continuing to invest to grow. We've made significant progress on areas of ESG, and we have an intention to set out our net zero carbon by 2050. Our differentiated strategy means the group is well placed to continue its successful and profitable growth. Move on to the slide that was on the summary and the outlook, and just to go through that. In summary, by continuing to evolve rather than revolutionize our highly successful Arts and Crafts-style Heritage Collection. We've capitalized on strong demand, improved sales margins, and continued to invest for growth. The group has returned to a normalized margin, a full 12 months ahead of our previous guidance, and our digital transformation program means we're leading the industry in combining the best in-person and digital experiences for our customers. We are the first to offer a truly digital-led sales experience within our Customer Experience Suites, and we made great progress on ESG. Our strong balance sheet, forward order book, and cash generation gives us an excellent platform going forward, and I'm confident that the business will deliver further progress in the second half while delivering a strong financial and ESG performance. Redrow will continue to innovate to ensure we meet the needs of customers and stakeholders. Thank you, and I think it's now that myself and Barbara are happy to take any questions. Thanks very much. Thanks. Aynsley Lammin from Investec. Just two from me. I wondered if you could just give a bit more color and kind of view on the momentum in house price inflation. Are you still confident that you can push prices higher into spring selling season? Just how strong it is and maybe with any regional comments. Just secondly, on the kind of planning, you seeing the planning challenges intensify, they're getting worse? Just a bit more color and interested to hear what you're seeing there to get the land through. Thanks. Probably can pick both of those up. I think with regards to HPI, as you've seen, we said 8%. That's obviously not just house price inflation. Sorry. Our average selling price has moved up by 8%, but that's clearly not just HPI. That's a location and product mix. I think it's fair to say we are continuing to see that, which will more than offset any build price inflation. I think if you look at the market and certainly the second-hand market availability out there is very low, and therefore that's driving price inflation across the board. We're confident that HPI will continue to grow over the short period. I think as you know, we are still seeing very strong demand across all our outlets. You know, as strong demand continues, it's making sure that we're capitalizing on the HPI. I think we talked about the planning system. I think it's fair to say the planning system's probably struggling, and it's probably symptomatic of a very, very strong market. Yeah, the planning departments are, you know, getting a hell of a lot of applications through, whether that's residential development or whether that's commercial. You know, whether that's even extensions from the general public. You know, it's symptomatic of a very, very strong market. I think that delivered by the fact of, you know, people working from home and the private sector being very strong. We've commented there that, you know, we've probably seen a reducing number of planning officers in the local authorities. They're turning a little bit more to contractors to have to deal with it. Ultimately, what happens is, you know, it slows the system down and that's what we're seeing. We've clearly got the resources to deal with it, and we've got the teams to deal with it, and we're working with them, but it's a slower process. It's not a case of, you know, having more problems. It's a case of just being delays, really, through the planning process. You know, as I said, I think in the statement, you know, ultimately, we've gotta work on the. You know, it's not just us. You've got an SME market out there, and that SME market, you know, relies on it a hell of a lot more than we do. We can, you know, ride through it. The SMEs have got to. You know, they're very reliant individually on that basis, and therefore, you know, having a strong SME market is important for us as well. Therefore, it's very urgent that they get it sorted, not just for us, but for everybody to have a, you know, a balanced market for everybody. Okay. Ami Galla from Citi. Just two questions from me. The first one was on land. On the back of the strong HPI that we've seen over the last two years, is there any shift in terms of your land strategy ahead? Are you changing your hurdle rates from here onwards? And really, what's happening on the land market? Anything significant to point out? The second one was really on the cladding provisions that you've taken to date. Is there a scope in terms of the number of buildings that relates to? Okay. All right. Thought the cladding question might come up. Right. Let's talk about land strategy first, and then I'll probably cover off land, cladding, and then Barbara can probably cover off where we sit in terms of ourselves. The land strategy, I mean, the market's good out there. You know, there's still availability. I think it's fair to say that, you know, we're maintaining our hurdle rates, certainly in the last six months. I think I would say to you, if I look back on the 12 months before then, which we did capitalize, we did buy a lot, we probably got, you know, higher margins at that point or more reasonable margin. I think we are seeing that drift down, but it's drifting down to, you know, what is our norm. You know, we're not unhappy with the market out there. Plenty availability. In terms of our strategy, you know, we are continuing to grow our business. You know, we're more about quality delivery in terms of units than actually pushing the hell out of growth. I think the market is reasonable out there. We're quite happy. We're seeing it across the board. You know, where there's areas of very hot spots that, you know, it's you're having to take a little bit more of a reduced margin, but there's areas where you're doing well. We are taking a view in terms of what we buy. On top of what we bought, you know, we bought some bit more speculative stuff. Stuff that's allocated, and that doesn't go into our figures, and we put some money out in that, and that gives us some enhanced margins. You know, we're quite happy that the balance is at our hurdle rates as to what we expect. The land market's pretty good at the moment. I can't complain about it. We can get the sites we want, and clearly, you know, what we want is Redrow sites, which is a slightly, as we've got a differentiated product. It's really we want to be in those areas where people are, you know, more discerning in terms of the fact that they can afford that little bit more for what is a bit, you know, a quality product, you know. We just know we're happy that we can buy Redrow sites in the right location. I think if we go for cladding, I think in the first instance, what I would say with that is clearly, you know, stress worry on most of those leaseholders, and we share the government's opinion with regards to the fact of, you know, that leaseholders shouldn't really be part of the payment on this, and they should really. It's up to us and the industry and government to resolve where we sit. We've ultimately built a very small number of high-rise. We've always been a predominantly builder of detached homes, so we're limited in that in terms of exposure. I think what we're seeing with government at the moment is it's very, very early days. You know, it's been a month since, you know, Gove got in position and sent his letters to us. You know, we are doing a lot of work, and it's a very, very fluid situation in terms of what we're doing with that. I think ultimately, you've also got to look back on some of the things that we do. You know, the vast majority of these buildings we didn't build. You know, interestingly, we didn't have the expertise at that time. You know, when these buildings were built 20 years ago, we went to main contractors who had the expertise to build these buildings. From our point of view, you know, we've got recourse for many of our buildings in terms of where we go back to. Clearly, you know, it's. We're trying to work with government for solutions, but I think the one thing I would say is that we urge the government in the sense that, and they did write to us about alternative solutions to some of these issues rather than going wholesale removal of cladding or fire safety issues. There is alternatives, and I think that's what we're trying to push. You know, sprinkler systems, alarm systems, you know. If we can get those resolved quickly, you know, they're the things that we can resolve quickly and make sure that these buildings are safe for everybody. I think if we can explore that more with the government, we can deal with it and I. 'Cause the concern is going forward on a general principle is the fact that you've got a situation where, you know, getting hold of scaffolding to do all these buildings, you know, getting all the contractors to do all this, it's gonna take a long time. Even if we, you know, tomorrow we want everything needed to get done, it's gonna take a long time, and therefore, alternative solutions is really where we wanna do. You know, and ultimately, when we're looking at some of the proposals we want, as Redrow and as I've said, we've got a very limited number. We want it to be fair and proportionate. Any position that we sit with government and any charges that they're gonna levy against the industry, ultimately, you know, it should be fair and proportionate to what we've done. As I've said, we predominantly build detached homes, and we always have been. Therefore, you know, from our point of view, you know, we want to make sure that we're reasonable in terms of dealt with reasonably in that process. Clearly, we've set up teams to deal with that. Barbara, do you wanna just pick up on provisions and- Yeah, okay. I mean, basically where we stand at the moment is that, on the work that we've done, we believe that there are about 18 developments that don't have a satisfactory EWS1 certification. Of those developments, we were principal contractor on eight of them. These are the ones over 11 meters, and so we provided for those eight developments. We clearly haven't provided for the others because we're not principal contractor on those sites, and so the legal responsibility lies elsewhere. I'm sure the management companies and leaseholders are looking at those people responsible for those buildings to recompense them. Yeah. Thank you. Thanks. Yeah. Morning. It's Gavin Jago at Barclays. Just a few from me, please. The first one's just on the Future Homes Standard and I guess how you're working with the supply chain at the moment, just in advance of that, not just for the, I guess, the 2025, but the interim stage as well. You mentioned the second-hand market. I'd just be interested in your views on what you've seen through this in the second-hand market over the last 12 months. I think there's kind of less liquidity now, but what you see is healthy for sales for Redrow, you know, in terms of more liquidity in the second-hand market or less. There has to be a tipping point somewhere. Just a quick one on the Southern division. Just how that's going in terms of your early land purchases and, I guess, timing of ramp up there? Thank you. Yeah. Okay. Well, the Future Homes Standard, I think we've spoke about it before. You know, we know the interim steps in 2023 and 2025. We're working with many suppliers. We've got two test homes at the moment. We've got one in Yorkshire and we've got one in South Wales and working with Mitsubishi with regards to their air source heat pumps. There's other alternatives that we're working with. All the sites that we've bought, we put an allowance in to deal with the Future Homes Standard, so it's not like it's gonna come as an additional cost to us. I think what we're very keen on doing is understanding how it works for a customer. You know, there's a cost associated with this, but actually, you know, your customers are moving in, it's a very different mindset to dealing with these products, and therefore that's why we wanna do the trials more than anything else. You know, heat pumps are well used throughout, I mean, not in this country as much as other countries, but ultimately getting the data from customers about how much it costs is important so that we can relay that when people move in so that they understand there's no surprises. Also things like, you know, noise and things like that. We want them to understand that so that if we have to deal with, you know, upfrontly get some acoustic, you know, sound prevention to make sure that it's dealt with from that point of view. We're working on that one, and the Yorkshire is the same one as the gas-free home. You know, the Future Homes Standard, we're happy that we put an allowance and we're happy that but still we work well within that allowance. I mean, I think I've spoken about the figures before. Secondhand market, I think that's driving in many ways the, you know, the new build market 'cause of availability, and I think it's a self-fulfilling prophecy that, you know, people don't put their house on the market until they find something they like. Well, if everybody does that, ultimately you'll get a dry up of products available. That's driving a hell of a lot of this, you know, demand for people that people are coming around homes without having their house on the market. Ultimately, we like to see liquidity in the secondhand market, but I think everybody at the moment believes that they can sell their house very quickly, and therefore it doesn't get on. Ultimately, you know, we are a second time mover, onward mover, a house builder. Having our homes available, which we are available, you know, allows people then to put their homes on the market. As usual, we don't do any part exchange. I know we haven't done any part exchange for a couple of years now. We never have to do part exchange. You know, from that point of view, our experience in the secondhand market is anecdotal, 'cause as I say, we don't sell anything. I think with regards to the Southern Division, do you wanna pick up on where we are with the Southern Division? Yeah. I mean, we've got the team in place now. We're starting to bid on land for that division. We started doing that probably about a few months ago. Yeah. There are a number of sites that they will take on in July from our existing divisions in Southern Counties and one in Southeast. We're well on track with that. Clearly because it's taking over a number of sites, it will definitely contribute in 2023. We're also buying the land for 2024 and 2025 now. Thank you. Morning, Jon Bell from Deutsche Bank. I've got two actually. The first one is just on the bulk deal. The second one is that you've raised your guidance for 2024, and I think previously, Barbara, you've referred to 2024 as the year that cash starts to get a bit heavy potentially. How should we be thinking about scope for some kind of additional return, either in 2024 or maybe even earlier? Thank you. Do you wanna pick both those? Yeah, I'll pick both of those up. Yeah. The bulk deal is not huge. The reason why we commented on it was simply because we didn't want you to think our sales reservation rate in the first five weeks of the new financial year was totally representative. The revenue from that bulk deal is around about GBP 26 million. It's about 66 units, so you can see really where that's coming from. It literally was just to avoid a distortion because it's such a short five-week period that we're reporting on. Guidance. What was the question on guidance? Guidance. You've raised guidance about cash. Cash. Cash. Yes, well, you're not asking about cash. Right. If we talk about cash for a minute then. Well, basically our guidance for cash for 2022 is a bit less than it was. We said we thought we'd be sort of around about GBP 200 million plus. Since we gave out that guidance, I guess a couple of things. One is we've acquired some shares for our own EBT, for our employee share scheme, so that's taken north of GBP 20 million of cash. In addition to that, you know, in line with our philosophy of trying to get ahead of the game, in addition to current land buying, which we've been doing, we have acquired, as you'll see if you look at the back of the pack, quite a few plots of land without planning, where we've actually acquired the sites. These are particularly good sites in good locations, a bit like we did with Woodford, if you remember going back and you know, we're reaping the benefits of that from Woodford. We've taken the opportunity to do that, and that means our guidance for 2022 now is that our cash balance will be probably around GBP 150 million-GBP 170 million. Going forward, that cash balance will build. I think it's fair to say it definitely won't be. If we can continue to be as successful as we have been, we certainly won't be cash heavy till certainly before 2024 and maybe even a bit after 2024. Our philosophy of saying to you and to shareholders that we would like to retain the cash for when these very good opportunities come along, even if there's a longer timescale to them, so far is bearing fruit and we're very happy with what we've been able to buy. Yeah. Thank you. Glynis Johnson, Jefferies. Three, if I may. Firstly, just on that land. Obviously strategic land does tend to be lumpy, but can you give us any kind of guidance about what we should be anticipating in terms of some of that strategic land coming through in terms of your own land buying, going forward, particularly given that reference to having bought, plots, so right. Second of all, in terms of your full year 2024 targets, can you just talk through what changed in terms of your confidence? Is it the land buying? Is it the delivery in terms of build? Is it the house price inflation driving the margin capture? What's driven that confidence? Lastly, just in terms of build cost inflation, can you just give us a little bit more color? What's moving up? What's moving up stronger? What might be coming back down? Just any of the moving parts. Thank you. Okay. Do you want me to do them? Yeah, you do. Do you want? Yeah, go on. What do you do full year 2024. Yeah, fine. I mean, in terms of forward land pull through, it's normally 30%. We'd like to think as we go towards 2024, 2025, that number will go up towards 40%. As you know, Glynis, it is lumpy, so it's just. But we have got some, you know, decent sites, you know, north of 300 plots, some even bigger than that, which we hope we're gonna bring through over the next sort of three to six years. So that's the sort of timescale we're talking about. In terms of the 2024 target, in terms of revenue, the upgrade in the revenue is around as much HPI and mix and extras than it is about volumes. There's a little bit of volume, but really that's where it is. Mix. We're doing significantly less two and a half- and three-story than we used to. You know, that pounds per square foot that we're getting is going up very nicely in the larger properties. That obviously is flowing through into the margin. You're getting higher revenue, and that's why the margin guidance is 19.5%-20%. We're getting a little bit on the gross, and obviously we're getting some operational gearing at the overhead level. We don't know where it's gonna sit in that at this stage. It's far too early to say, but at least we've got that confidence now that we should deliver at least 19.5% and going towards the 20%. I'll let you talk about build cost. Yeah. Build cost inflation, we're guiding to about 6% for the year, which I think is reasonable. I think we have seen quite a sharp shock in terms of many of the material prices going up. We don't expect that to continue at that level. I think you've seen a large correction which has dealt with, you know, energy prices and haulage prices, and I think they've, you know, got on top of those issues now. I think subcontractors will always be under strain. We've been here before. You know, operating in this market is not unusual for us. You know, we've been in very hot markets. I think we took a decision a long time ago with regards to when we came back from the you know the pandemic we saw the order book from every house builder and we saw the fact of what the sales rate was doing. At that point you know we took a view that we needed to make sure our materials were well advanced and that's sort of ridden it out for us for a long period. You know we're managing it well. I think you've got two issues with build cost. You've got build cost and supply. You know the supply is there. Your build cost is... We're pretty happy that we're not gonna see any significant uplifts from what we've said, which is the 6%, and it'll always be more than offset by HPI. Thanks. Will Jones from Redburn. three as well, please. First one just around the gross margin in the first half. I think it's just above 24%. Just wondering if you could help us with what you think the contribution on price versus cost was to the change, and then whether on other stuff, was it an assistance or hindrance, I guess, lower affordable content, but equally you had the PRS sale that was quite, qui- You're asking the issues, aren't you? To then end off. It is lower PRS and more affordable and more HPI than build cost. There we go. Answered. Well, start that out, Will. Yeah. One done, six. One that you don't know the answer to, please, Will. The price cost component within it? Best guess. Well, we can't split it, but we can because of the you know the mix, the product mix and the extras and stuff in there. Yeah, I'd say it's probably more. Well, no, it's difficult. It's just so difficult. Yeah. to break down. There's definitely more price than cost. No question about that. Splitting it because of the complexity of the structure of the margin is still very difficult to do. Yeah. The second was just a general update, I suppose, on build speed and production, and since we last spoke and how your availability per site is improving, again, in comparison to the comments we've heard around the second half of the market. The last one's really just around capacity and where you think with the latest divisional network the group capacity is, and outside of Southern, which divisions would you highlight to us as being suboptimal in their output at the moment? Thanks. Right. Okay. I think that was four, Will. I mean, counting was never my strong point, clearly. Let's talk about build speed. Our build output is exactly where we want it to be. We don't have any problem with that. You know, we buy sites based on a certain level, and we measure it every week. So every week, I know exactly how much each of our sites are delivering per EU per week per outlet. Exactly to do the sales, you know, you look at the sales, we do that with the build. You know, it's important at the moment to make sure that your build is matching your sales, 'cause, you know, we can't keep selling down the field, and therefore, you know, your availability on your list is dictated by, certainly by your construction. We are very focused on our construction and very focused on delivering our construction. You know, our teams are very aware of that because construction at the moment is driving availability. 'Cause I can't just release a plot that's not got not even started. The two are matched. We are confident and happy as to where we are in our output with those. Then you talk about sort of where our next region is. Well, I think to be honest, we're concentrating on Southern at the moment. I think, you know, we've got a couple of years of getting Southern on board, and at that point we'll review the market. You know what happens with planning and how the government policy changes and therefore on that basis we will take a decision at that point. At this precise moment, you know, southern is exactly where we want. You can see our product is, you know, absolutely hitting the market spot on. You know, and you know, outside of London, those commuter places, you know, in our regions with all that is just perfect for what we do. From our point of view, the south is clearly a great place for us. We always have a preference for the south because, you know, our example is, you know, the build cost, if you look at build cost north to south, is actually, you know, it's not that much. You've got labor issues. Materials tend to be the same. You've got HPI, you've got, sorry, average selling price is a lot higher. You know, if your cost to build something that's of a really great quality like our homes, say for example, costs you GBP 4/sq ft, and you need to get GBP 6/sq ft or GBP 7/sq ft to offset it's easier to get that on GBP 400/sq ft than it is on GBP 250/sq ft because the build costs are not the same. We will always have a preference for the south because it suits our products incredibly well, you know. I mean, that's where we probably aim for growth. Ultimately, as I said, we're concentrating on getting the southern region up. I think as well, I mean, just to and be flippant CSI, I mean, just to answer the question, I mean, in terms of margin, the second half for the. You know, for those people who haven't looked at the presentation, you know, the gross margin is potentially gonna be impacted by the higher social in the second half 'cause it goes from about 7%- 2%. So that'd be really a 50 basis points drop-off in your gross margin. But fortunately, as you rightly said, we've got significantly less revenue. Well, it's not a small number, but it's significantly less revenue in the second half from the build-out sites in London, and most of that revenue was from some PRS deals that we did, which clearly were of a lower margin. We have a benefit of that being substituted by revenue from the regional businesses, which has a positive impact on the gross margin. I think the second half gross margin will be very close to the first half, but a tiny bit less. The hit we will have in the second half is our operating expenses will be higher. We only had GBP 50 million of operating expenses in the first half. We will see, we'll definitely see more of that, a higher level of operating expenses in the second half with both inflation and some IT projects that we're doing, plus part of the physical cost of the rebranding. Our guidance on operating expenses for the full year is around about GBP 103 million, GBP 53 million in the second half, which is why we use the term similar for the operating margin for the second half. It will be lower, but not much lower. I think, you know, we're looking in good shape for the full year in terms of normalized margins. Thanks. Good morning. It's John Fraser-Andrews, HSBC. Yeah, three for me, please. Can we have an update on Colindale, where you are, how much is still to go on that, and how that's trading? Second one, just coming back on that, price-cost situation. I know it's tricky to sort of truly identify it, but I'm just trying to marry the comments that prices are offsetting costs with the 8%. There's three components to that, and with the 6% build cost inflation, unless that's been higher in the second half than the first half. Just some sort of indication as to sort of what the underlying house price inflation would help try and square that off. The third one is on planning. Can you indicate how long you think this will play out in terms of timing? I appreciate it's probably gonna be a lot longer than Michael Gove's estimate, but if you could give some thoughts on that and als- Cladding or planning? Cladding. Cladding. Sorry. Yeah. Sorry. Yeah. Yeah, cladding, how long it's going to play out. Appreciate it's gonna be a long time. To what extent are other industries being brought into the fray to meet that GBP 4 billion? I know, Matthew, you were very quickly vocal on this in the press, when the story broke that weekend. That seems to be successful in the building products industry, but what about the contractors? Thank you. Okay. Well, I'll pick up the cladding one, if you wanna pick up price and costs. I mean, in terms of Colindale, I mean, I think it's fair to say, I think it's pretty much common knowledge the London market's bottomed out and is picking up now. Colindale continues to perform well. We're getting, you know, decent price rises at Colindale. Demand continue to be strong in on that site. It's always stood out of all our London sites as our most successful. There's still eight to nine years to go on that site, so, you know, no problems there. We got the extra 1,100 plots planning on there. You'll have seen actually our average plot cost has gone down slightly on the balance sheet. It's less than what's in the P&L account, and that's partly because of those Colindale plots. you know, we're still looking at, you know, revenue from that site of, you know, between GBP 130 million and GBP 140 million a year ticking through over that period of time. We're in good shape there. On the selling prices, I mean, you know, the biggest element on selling prices generally is geography. We've then got HPI, and we've then got mix. Now, again, for people who haven't had time to go through the detail yet, you know, our extras revenue in the first half was double what it was in the first half last year. That's clearly been beneficial to us from a margin perspective. Obviously it enhances selling prices as a consequence. You know, there is an HPI element in there, but there's all those other things as well, and the whole thing mixes out. The build cost inflation is offsetting some of that, but the rest of it, we're benefiting from, which is why, you know, at the end of the day, I think I'm just trying to think. I think our guidance when last year was, I think, for a gross margin of below 24%, and here we are delivering north of 24%, and I think fundamentally, that's where you're seeing the net impact coming through. Okay. Sorry, just a supplementary on the selling price. A big hike in the current trading, massive hike in the ex bulk 360, 367 or whatever the number was versus 301, wasn't it? 301. Yeah. Just seemed to jump out. You've either had an acceleration in build cost inflation or a big mix change. Uh, it's- 367 - Yeah versus 301. Yeah. Yeah. Ex bulk. Yeah, no, it's just the geographical mix of where that revenue's coming from more than anything else. I mean, obviously we've had the HPI 'cause you know, you're looking at full 12 months impact there, but it's more mix than anything else. Thanks. Okay. Cladding. I mean, I'll use the words, and these are the words that I always use which is fair and proportional, and I think that's where we'd like to sit, you know, with our work with government. We wanna work with government. We want a resolution to this. We desperately want a resolution to this. It's gone on for far too long, you know? There's been several changes in the housing minister where we've now got a different one again now, and realistically, if we can get this resolved as an industry and working with government, there's nothing more than the industry wants to deal with that. Clearly on top of that, the leaseholders that are, you know, sat in these apartment blocks. I think the answer of going down the route of you know everything's gotta be put back to reality and just throw a load of cash at it is not gonna work. I think if you want a resolution, we've gotta think differently about our dealing with these issues, and I think that's and that's where we sit. I think the timing issue with the government. We've got a hell of a long way in 30 days with the government or whatever it is, just under a month, with the government as to where we've got to. Clearly, you know, as an industry, it's a difficult position to be in. As I said, we were predominantly a builder of detached homes, and yet, you know, they're asking us now for a tax. We pay for the buildings, and then they want an additional money on top of that, and it's very difficult from that point, whereas, you know, targeting us 'cause we're a U.K.-based taxpayer and a U.K.-based industry, you know, whereas what we're seeing is less than 50% of these buildings were actually built by house builders, and we'd like to see that net widened, so it's fair and proportional to everybody who's involved in the issue, which includes main contractors. Our point, you know, as I said to you, we didn't have the expertise at the time to build these buildings, and therefore, that's why we went to main contractors. Now to find out there's issues retrospectively, we'd like them to be joined in as part of the development process. I can't tell you how long it would be. I mean, I could say it's a long time, I could say it's a short time, but, you know, a resolution is important for the customers more than anything else, and those people who are there 'cause, you know, the stress and worry on them is clearly obvious. But, you know, we desperately want a resolution with everybody, and we wanna work with government, and that's the important thing. We wanna have a roundtable where we can discuss solutions, you know, and that's what we really wanna do. You know, there's a lot of people in play here. There's material manufacturers, there's main contractors, there's inspectors, you know. There's a lot of people around the whole process, and it's important that we all play our part, and I think us working together as a team, we can come up with solutions rather than you know there's something wrong with the cladding and therefore that's all gotta come off. Actually, you know, the solution, as I said earlier, where you can get a sprinkler system that would be in there very quickly and take all that stress and burden away because those people can start selling their apartments. I just don't think that the answer at the moment is to do what they were doing. Therefore, I'd like to, you know, have a very, you know, open discussion about what we could do as an industry and, you know, help them to resolve this issue. You know, as I said, less than 50% have been built by the industry, and it's important that everybody plays their part. Have the contractors been called into the discussions yet? Not that I'm aware of. Thank you. Thank you. It's John. Clyde Lewis at Peel Hunt. Just a couple if I may. One, I suppose, how have your thoughts changed around the product mix? I mean, clearly big family homes have been the sweet spot over the last 12 months. It'd be interesting to hear your thoughts around, you know, do you need to tweak it further? Are you very happy with what you've got there? And I suppose attached to that is Barbara's comments around the extras. Is The extension of the sort of forward order book in terms of months probably has allowed you to do more around extras. Do you think it's probably sort of peaking out in terms of sort of the amount of extra sales that you'll get? Or do you think that there is another leg to come as customers understand more about what you can do, and are you going to, I suppose, provide more opportunities for customers to sort of personalize what they what they actually buy from you? Okay. Well I'll pick up product. Do you wanna pick up on the extras then? I think product mix, Clyde, there isn't one solution for everything. I think we're happy with what we do. Our average square footage hasn't actually changed in the last three years, which is across our board, which is quite an interesting one, 'cause actually when you see the average selling price might move up and everything, that's a reflection of, you know, obviously the house price inflation. But we are building the same product in locations. The price is dictated by the market, not by us obviously. So, you know, we aren't therefore gonna try and change it. We're not gonna go for the affordable end. Our customers tend to have more, you know. They tend to have deposits. They tend to, you know, be onward movers. I think in terms of product mix, I think we have less interest and we have less affordability issues in the north because clearly, you know, the cost of a home in the south is a lot more, and therefore to get people on the ladder. We've sort of, if we were gonna do anything in the north, we'd probably go a little bit bigger because I think what we're seeing is people actually want those because actually there's nobody building them out there. Therefore, you know, having a larger detached home is what people desperately want. Therefore going in the right sizing and people are, you know, agnostic now as to where they live. Ultimately, you know, because everybody used to live where they live because of work and their commutes and that, and now that's changed. Therefore, building bigger houses is seeing that people want to live in a bigger house because their work-life balance is completely different, and therefore they're less, you know, worried about the location than they have been previously. I think if you look at the south in some of our areas that are very more expensive, you've got affordability there, and therefore we can't stretch to go a bit bigger because, you know, you'll face affordability issues. And because of the higher average selling price down there. Ultimately probably go a little bit bigger in the north. Actually, you know, for the last three years, we've kept our average square footage and I expect to continue to do that. Do you wanna pick up on extras? Yeah. I mean, it's definitely the case that the change in people's lifestyle combined with you know the longer period of the order book has meant that we've been able to offer extras to a lot more customers 'cause we don't have stock anymore, so you're not buying stock and therefore your ability to personalize your home is there on every single plot virtually. So that's been extremely helpful and clearly as a result of that, we've now had a 100% increase in extra sales. Now, if you ask me, am I gonna get a 100% again in the next 12 months, clearly the answer to that is no. Will it increase in the next 12 months? I think the answer to that is yes, it will. We are offering more to customers that they can personalize. We're offering a greater range of things within something like a worktop now, in terms of levels, so they can. There are three and four different levels of worktops that they can have and things like that in the kitchens. And we're offering more individual products like we do the home offices which are built in and things like that. They're only just really starting to, you know, they were launched nine months ago, but they're really only starting to come through in legal completions now. I think we will see more, and I think there is a genuine desire for people to personalize their homes. You know, they're buying very nice high quality homes and the demographics of our customers are such that we're basically at 30% first time buyer and 30% cash buyer. These people can afford this personalization and they want it. I think it can continue, Clyde. I just, it just, but it's not gonna be 100% again. I think the other thing I'd say is customers love it. Customers absolutely love this ability to personalize them, and that comes with, you know, our product. You know, the fact that they can do that, so, you know, that's an important. The other thing I would say, we've got some great online systems to deal with this. Well, it's easy for them to do. It's so- Easy for them to do. It's easy for us to flex, to change our range to match what people want very quickly. Yeah. Thanks very much. Charlie Campbell at Liberum. I've only got one question really. Just on mortgages, wondering what you're seeing, if anything, really any changes in mortgage availability. Also just as a general question, how do you think mortgage lenders are treating kind of the cost inflation that is to come for consumers this year, and how are they building that into kind of what they'll lend to, and have you seen any changes in that approach yet? I think it's fair to say we're not seeing any. We're differentiated. We've got a differentiated position from the rest of the market, and we shouldn't forget that. Therefore, as Barbara says, a large majority of ours are, you know, not majority, a large percentage of ours are actually cash. You know, cash from sale in some instances, but clearly cash. Then on top of that, most of them come with deposits, with strong deposits. You know, the mortgage market for ours is very, very good. You know, if you've got a decent sized deposit, you know, you have a very wide range of availability at a very good price. You know, from our differentiated position, we have a very, you know, our exposure to that is not difficult. In terms of cost inflation and dealing with it, again, you know, these people are not in most cases, not borrowing to 90%-95%. Most, our guys are a lot lower than that, a hell of a lot lower, and therefore, you know, availability to them is high and we're not seeing any issues. I mean, but clearly, you know, we signed up to the developer scheme. You know, we're very, very, we are using that very, very sparingly. Just as a follow on, what are banks telling you or what are your financial advisors telling you in terms of how mortgage availability might change in the year ahead as you know rates go up and these things come to pass? I mean, we've got to remember where the rates sit and the rates will go up. I mean, it's probably normal rates is, what? 5% or something. I mean, yet, you know, 0.5% and we're talking about it being a worry, and we got inflation running at such a high level at the moment. It, I mean, they don't match. It can't be a problem, can it, when you're at 0.5%? The sentiment of it going up could be an issue, but that's the sentiment. The reality of it with inflation going at the level that it's going against the mortgage rate that's at 0.5% is it's just, you know, it's just irrelevant really. Well, the stress testing already is an extra 3%. I mean, you know, I mean, I know there's talk about whether they reduce the percentage that they apply the stress test to, but I think there are a number of bankers in this room who can probably answer that question better than we can. I just wanted to know what's going on in the real world. Thank you very much. Okay. Thank you. Is that it? We concluded? Right. Well, thank you very much, everybody. As I said, you know, Redrow's really looking forward to the future. We've got a differentiated market position. We're all about quality, and that's in terms of quality of our products, quality of our numbers and what we deliver for everybody. I'd like to thank you very much. Thank you.