Hello, everyone, welcome to the Taylor Wimpey trading update. My name is Chad, and I'll be the coordinator for this conference. After the presentation, there'll be a Q&A session where you'll ask your questions by pressing star four then one on your telephone keypad. If you'd like to withdraw your question, you may press star two. I'd now like to hand over to Jennie Daly, Chief Executive, to begin the call. Thank you, Chad. Good morning, everyone. Thank you for joining Chris and I. It doesn't seem like five minutes ago that we were talking to you at the year-end. I intend to keep this morning's comments brief. Since we last spoke, some degree of stability has returned to the housing market, albeit still a very different place to this time last year, and we remain in uncertain times. When we spoke to you in March, we said that all things considered, we were pleased with how the spring selling season had started, and this has continued. It's encouraged, therefore, to be reporting a net private sales rate for the year to the 23rd of April of 0.75. Interest from customers remains, and there continues to be a healthy level of commitment and product availability from mortgage providers. There were some planned bulks in the period, including the agreement I mentioned to you all at the prelims with the Defence Infrastructure Organisation to deliver 176 new zero carbon-ready homes for soldiers and their families at our Whittle Gardens development. We see this as very much a normal course of business benefiting both this and future years. For complete transparency, you'll see that we've also included the sales rate excluding bulk of 0.66 in this morning's statement, which I hope is helpful. Cancellations are slightly lower at 15% and quite low in absolute terms, with the core reasons remaining broadly similar to what we talked about at the full year. That's change in circumstance, unable to achieve a mortgage and breakdown of chains. I have spent some time with our sales teams in recent weeks, and though experiences do vary from site to site overall, they report that in line with the national data, consumer confidence is rising, although from a very low base. I think it's also worth saying that cost of living concerns do remain very much at the forefront of our customers' minds. Our teams are continuing to work extremely hard to achieve our sales rate and are supporting customers more throughout the process. For example, our recent events with independent finance advisors have proved very popular, and our CRM data has been an important tool in helping our sales teams drive sales performance at a plot level and staying close to our customers. Incentive levels haven't really moved and are currently running around 5%, and pricing remains reasonably firm. Our order book now stands at a value of GBP 2.4 billion and circa 8,500 homes, which is 21% and 23% respectively, down on last year. I think it is worth calling out that there's a greater proportion of affordable homes in this year's order book and the blended ASP in the order book is up 2%, with both individual ASPs of the private and affordable order book showing increases reflecting inflation captured through the course of last year. Web sessions are broadly the same as 2022, with the drop in organic search offset by increased and targeted media spend, which is helping to drive footfall to our sites. Overall appointments are up on the prior year as we retain a flexible model facilitating walk-ins, to support those booked in advance. As a result, our forward indicators continue to show good levels of interest. In more recent weeks, we've seen the seasonal impacts of improving weather and the Easter holiday break. Post-Easter online activity has recovered well. The lending market remains healthy. I think as you're aware, first-time buyer product continues to be challenged, but rates have reduced from last autumn's highs. For example, our latest rate card shows the Halifax 2-year fixed at 4.39% and a 5-year fixed at 4.03%, both for 75% LTV. As we said in this morning's statement, prevailing annualized build cost inflation remains high but is beginning to moderate from the 9%-10% we reported in March, a trend we expect to continue as the year progresses. Coming onto land, we remain highly selective but alert to opportunity in the land market. As you know, we benefit from a very strong land position amongst other things because of scale and the quality of locations. This has been an advantage in this market and in an increasingly difficult planning environment. We are also seeing the benefit of our strategic plot pipeline, and we've made really good progress converting circa 5,000 strategic plots in the period. We're currently trading off 239 outlets. As I told you back in November, planning has been quite a strong headwind. Looking forward, outlet openings are going to be a reflection of how resilient the market is in sales rate and whether we have the appetite to add land through that period or not. There are quite a number of moving parts. On to guidance. Given the short time since the full year announcement, I don't think you'll be surprised that we're not going to add much in terms of guidance. We are today reiterating our volume range of 9,000-10,500-Broadly equivalent to a net sales rate assumption of 0.5-0.7, with completions more weighted to the second half with around a 45, 55 weighting. Outlined at the full year, value over volume remains our guiding principle in these market conditions, together with tight cost management and WIP control. As discussed at full year, our teams are very focused on building our order book and optimizing sales price into 2024. As a result, not all reservations taken between now and the end of September will be for completion in 2023. We've come into these market conditions with the advantage of our strong land bank, and this together with our operational delivery focused and highly experienced teams, mean that we are in a great place to take advantage of opportunities whilst also delivering attractive returns to our investors, including the 4.78 pence final dividend being paid in a couple of weeks. Subject, of course, to our shareholder approval at today's AGM. I hope that's been a helpful summary and Chris and I are happy to take your questions. Back to you, Chad. Thank you, Jennie. To ask a question, please press star four then one on your telephone keypad. If you change your mind in which to withdraw your question, please press star four then two. When preparing to ask your question, please ensure your device is unmuted locally. Our first question today comes from Harry Goad, from Berenberg. Please go ahead. Yeah. Hi. Morning. Morning, Jennie. Morning, Chris. Morning. Thanks for taking my questions. I've got two, please. The first one on bulk sales, which you obviously referenced in activity in the first quarter. I mean, how do you think about bulk sales or PRS type deals, maybe looking ahead over the next year or two? Is that something that you're looking to embrace more of to sort of support sales rates into next year? The second point separately on land. I appreciate obviously there's not much of need or appetite to be acquiring much land right now. Where do you think land prices need to move to when we think about particularly the cost inflation we've had before land prices get interesting again from a sort of residual value perspective? Thanks very much. Ladies and gentlemen, please stand by. We've just lost connection with the speakers. Hello, everyone. We are now joined by Jennie and Chris back on the line. Please continue. I apologize for that. Harry, we didn't get any of your question, I'm afraid, this end. Can I ask you to start again? Yes. Let me please open his line. Hold on. Harry, please go ahead. Okay, thanks. Yeah, I had two questions, please. First was on bulk sales, and it was just a question really about, and obviously you've referenced some activity in the first quarter. It was more a question about how do you think about sort of bulk sales, PRS type deals, almost proactively as you look to the year ahead. Is that something you'll be looking to bring in more to support sales rate, I guess, particularly into 2024 perhaps? Secondly, the question was on land. I was just saying, look, I appreciate not much sort of need or appetite to acquire much land right now, but where do you think land prices need to move to when we think about the build cost inflation in particular we've had in the last year or two before they get interesting on a residual value basis again? Thanks. Okay, thank you for that, Harry. I mean, in terms of the bulk, first of all, as you heard in my overview, the DIO deal that we flagged in at the prelims, you know, very much planned transactions factored into, you know, our financial planning. That sort of deal has been in negotiation for, you know, quite some considerable time. So we tend to think of bulk deals on a site by site basis. You know, I would tend to think of them on a tactical basis, based on each site circumstance rather than an overarching theme. You know, the main driver is the quality of the deal and the benefits that it adds in terms of capital return to each individual site and particularly our bigger assets. Of course, the fact that they are incremental in terms of deals, you know, does, you know, does have some bearing, but it hasn't been the main driver for those larger deals. Very much quality driven and ensuring that we're improving the capital returns of each site. Around land prices, I mean, it is a, it's the big, the big question, you know, land hasn't moved activity. It's quite muted in the market with little being moved. There hasn't been a meaningful movement in price or recognition of, sort of the build cost-that environment. Yeah, we would like to see land prices reflecting more of the reality and build cost inflation that we've seen and also, the impact of, sort of reduced, sales rate activity. We're not quite in the same place at this point in time. Okay. Thanks very much. The next question on the line is from Marcus Cole from UBS. Please go ahead, Marcus. Morning, guys. I've got two questions as well. I was hoping you could give some additional color on margins. Is there anything you can talk to around operational leverage and build cost inflation for this year? The second one was around planning, I just wondered how much of a risk it is for volume recovery in the business for next year. Thanks. Okay. If I sort of take the planning question, Chris, and you sort of tackle the margin and operational leverage. I mean, I, I think, you know, I am at risk of sounding like a broken record around planning. We've been talking about, you know, the increasingly tightening sort of restrictions and bottlenecks within planning for some time, Marcus. I think, you know, as I, I said in the overview, I think planning and the frustrations in planning, you know, do represent, you know, some level of risk, particularly on the timing of outlet openings and liberating elements of our, of our land bank. You know, that's a factor right across the sector, not just at Taylor Wimpey. We're all tackling it at the moment. Chris, on margin. Well, Marcus, you know, as this is a trading update, you know, we're not gonna provide any more guidance on profit or margin for 2023 full year. I am very happy to sort of reiterate the specific guidance that we gave on the H1 income statement, you know, for when we updated the market at the beginning of March. Jennie's already mentioned the volume range for the full year. We're still expecting that normal 45-55 H1 on H2 split. The private average selling price in the H1 expected to be similar to the GBP 367,000 average for the H2 of 2022. The affordable average selling price in the H1 also broadly similar to the GBP 162,000 that we reported in the H2 of last year. On operating leverage, you know, I said on the call in January that broad brush, we had about GBP 300 million of fixed costs with about 25% in gross margin, which is absolutely fine for modeling operational gearing outcomes. You know, it's probably a bit higher at around about GBP 320 million and probably closer to, you know, 30% in cost of sales, if you want to be absolutely accurate. In addition, obviously those are annualized numbers, so you'd need to half them for the first half. In addition to those fixed costs, admin expenses in the first half obviously will bear the GBP 8 million of restructuring costs that Jennie referred to earlier. You know, the full year guidance for JVs is GBP 2 million with all of that coming in the second half. No contribution from JVs in the first half. Okay. Thank you very much. The next question on the line is from Aynsley Lammin from Investec. Please go ahead. Hi. Morning, everybody. Morning. Just two from me. Morning. Well, firstly on pricing, obviously you say sales incentive is still running at 5%. Just trying to get a feel for what kind of underlying pricing is doing, how resilient it really is. Because, obviously I assume some of that's what you factor in as a trade-in kind of amount for the salespeople on the floor. Yesterday, one of your peers talking about, in fact, on some sites, they're actually being able to, I think, like, pushing ASPs up a bit. I mean, just wondered what your thoughts were on that. Are you seeing, or any comment you can make on the real kind of, you know, underlying pricing, if you like. Then secondly, just on mortgage availability, and a bit more color there would be helpful. I saw yesterday there was something came out, lots more kind of product availability. Is it still a bit more difficult for new build first time buyers? What are you seeing there on the ground? Thanks. Okay. Just on mortgage availability first. I mean, I think that we see a, you know, good range of product right across the right across the piece and the lenders. You know, we've seen quite a bit of activity, particularly at the upper end of the market in some of the smaller regional sort of building societies and others, which is very, very pleasing. I mean, I think we mentioned at the prelims that, you know, our first time buyers were drawing down 78% mortgages. You know, in that, in that part of the market, there's really good competition. I'm seeing lenders still remaining very committed to lending in the new homes market. For example, we're not seeing any movement in down valuations. It's been surprisingly low, in fact over this period. I think that there's definitely been a pause in rate movement and, you know, we'll need to see where things go in May. I think in broad terms, Aynsley Lammin, really good availability and, you know, our sales teams and brokers are able to place most customers, albeit you'll see in the cancellation rate as well that unaffordability or inability to achieve a mortgage does remain one of our sort of key reasons for cancellations. On pricing, you know, I said reasonably firm. I could probably say reassuringly firm. We've been trading at that sort of -2% from, you know, the quarter three peak last year very consistently. It can be variable across sites. You know, there's maybe some regional variation, but it's not significant. It's more on a site-by-site basis. On that pushing ASPs, again, I would say, on some sites, where we've seen the particular resilience, then we would take the opportunity as you would expect us to. You know, I think I would still say that many of our customers are challenged. You know, cost of living issues is forefront of their mind and it's certainly not universal. Great. Very helpful. Thank you very much. The next question on our line is from Anthony Manning from Bank of America. Anthony, please go ahead. Hi, good morning. Thanks for taking my questions. Just have two, please. On, just touching again on the bulk deals, I appreciate you're taking a value over volume strategy. Could you kind of give us an idea of the embedded margin in those deals? Kind of where does it stand to normal private sales? Again, is there any one-off, as you mentioned, the defense contract that we should expect in the second half that we should know about? Secondly, just on the build costs, I appreciate you've said the 9% and 10%, but as we're in Q2 now, you know, if we were to look forward on a kind of single forward on a spot basis, if that was annualized rate and the kind of inflation we saw in Q1 last year taken out, where would that 9%-10% move to if we were thinking at the end of Q2? Thank you. Okay. Well, I'll take the bulk, Chris, if you want to take the build cost inflation. Yeah. Yeah. Look, you know, we've been stressing that, you know, these have been planned deals and the DIO deal, for example, is by far, you know, sort of the greatest in size. So, you know, I do want to put it in context that this is normal course of business. Probably do stand out and which is why we wanted to be more transparent today than we normally would given, you know, all eyes on sales rates and and volumes this year. We look at these deals in overall terms and, you know, there's a balance in margin versus return on capital and and turnover on these sites. They're also, sort of very much factored in to the teams. You know, these sites are larger assets and we will have factored that into sort of our original thinking when we've been acquiring them. I don't see these as significant in and of themselves, but more significant because of the year that we're in, Anthony. In terms of any others planned, you know, there's one other that springs to mind that again, has been in negotiation for a little while. Again, that would stay very much within the normal course of business scale. Yeah. Just going to the build cost. You know, when we updated at the beginning of March, I, you know, I said that the prevailing annualized rate of build cost inflation was unchanged at 9%-10%, and that we were seeing some signs of moderation and would expect the level of cost inflation to reduce as we progress through the year. That is exactly what is unfolding. I think it's important to bear in mind, and I think you alluded to this, Anthony, but typically, you know, Q1 sees the majority of build cost increases. We're now in Q2, the Q1 increases from last year are excluded from that annualized inflation spot calculation. You know, that measure is naturally reducing as time goes on. On the material side, whilst, you know, there is still inflationary pressure and uncertainty around energy and wages, along with some suppliers still updating their cost base from 2022, there are clear signs of stabilization, although not much in the way of actual price reductions. There is good availability of pretty much all materials now and categories which have had long-standing issues appear to be resolved. I guess, you know, by the time we update you in the summer and you know, I know you asked for the full year, but I think that's a little bit too much of a stretch at the moment. You know, I wouldn't be surprised if we were talking by then about a spot rate of build cost inflation, you know, somewhere around the 5%-6% level. We're not there yet. You know, the current trajectory would need to continue, for the spot rate to get to that level by the time we update at the beginning of August. That's really helpful. Thanks, Jennie. Thanks, Chris. The next question on the line is from Cedar Ekblom from Morgan Stanley. Please go ahead. Thanks very much. Good morning, everyone. Just one question from me. On the point you make on focusing on value over volume, we've now seen the market, recover and stabilize after that Q4 sort of downturn. I want to understand when do you start thinking about the trade-off of volumes not growing from here into next year, assuming the market remains at a stable level, relative to the sort of value question of bringing sites to market in this kind of a backdrop. It's not really about if the market recovers from here, it's more about how do we think about the trade-off if we now stay at a broadly stable level. Demand is weaker than it was this time last year, but it's recovered from that really bad point in Q4. You know, how happy are you to not grow your volumes into 2024? Thank you. Okay, thank you for that, Cedar. I think, you know, as we look into, sort of 2024 and beyond, you know, we are optimistic, in the medium and, in the long term. We have a great land bank, you know, so we've got a great platform, from which, to grow, when conditions are, you know, are there. I think we're really well-placed. You know, I think that these are just at this point, you know, still challenging times. I think that there, you know, there are still, sort of reasons to keep our feet firmly, on the ground and remembering those, you know, customers, that still have cost of living challenges. You know, at this moment, we're concentrating on controlling the things that we can control. I'm very pleased with the sales rate that we're sort of giving today. You know, there's no lack of ambition, but we do think it's important that we balance the sort of value that sort of price optimization and ensure that we really focus on a strong order book, which will be really sort of contributory to 2024. I think when we look at sales rate too, I think it's probably appropriate to caution that, you know, we are in the sort of the spring selling season. These figures that we're giving you are traditionally the strongest part of the year. We reported sort of a 0.62 sales rate at the prelims and, you know, now reporting 0.75. These last eight weeks would be traditionally known as the strongest part of the year. If we looked at normal sort of customer practice or at sort of previous years, we would see that those weeks run at a premium to the rest of the year. You know, again, I think I'm just keeping our feet firmly on the ground. Looking for a little bit more stability, yeah, Cedar. Great. Thank you very much for the color. As a reminder, to ask any further questions, please press star one on your telephone keypad now. The next question on the line is from John Fraser-Andrews from HSBC. Please go ahead. Thank you, and morning, Jennie and Chris. 2 for me, please. The first is on build cost inflation. Chris, if I could just ask you to give some more color on labor. I heard what you said on materials. It sounded on materials as if anything, there's been a bit of sequential, a touch of sequential increase versus the back end of last year. Perhaps you could clarify that and state the situation on labor. Then, secondly, on outlets, they've fallen by 20 since the since December. Is that just a sort of normal drop-off and your outlook is to sort of keep those, a touch lower than your end position, at December? Thank you. Okay. I'll start on the build costs. I think on the labor side, you know, the challenge is probably evident in every sort of newspaper you pick up at the moment. Inflation is, proving a bit sticky and, whilst it's, you know, I think set to fall in the balance of the year, there is wage pressure even with, sort of activity reducing. However, you know, we are resisting, requests, for price increases. You know, moreover, we're actively seeking discounts, from, you know, from the labor-only trades, where we feel there's most opportunity to sort of reset that cost base. On the materials, you know, color, you know, yes, German steel is a bit cheaper than the end of last year. You've got hot-dip galvanized coil has been increasing in price, recently. Timber is generally, down versus last year. I guess cement is the one where you would expect the most, sort of increase in 2023, given the energy intensity of it. Yeah, that's, hopefully a bit of useful color for you, John. I'll just ask- Um- Sorry, Jen, I'll let you finish. No, no, go ahead, John. I was going to follow up on that, Chris. It does sound as if labor then is pretty much unchanged sequentially from the end of December and materials on balance, I think you're saying are slightly up. You know, we've been really clear in the, in the statement that, on an annualized basis, John, that the build cost inflation. The reasons that we sort of set out, and, you know, and as I said, I think in the answer to Marcus' question, you know, that is sort of naturally reducing at the moment. But it's still pretty high and, if we continue at the same sort of rate that we've seen in sort of recent weeks, then perhaps by the time we update you at the interims, which obviously is at the beginning of August, you know, perhaps the, you know, the spot annualized rate of build cost inflation then would be in, you know, around about the 5%-6%. We've. You know, we're absolutely not there yet. It would need to continue its downward trajectory. Thanks, Chris. Okay. outlets, I mean, I don't think there's anything, you know. There is no normal. You know, outlets are fairly dynamic. You know, the open trade and close. We, as you know, don't provide outlet guidance, but we thought it was helpful for you to see the current outlet numbers this morning. We have said, you know, last year that as a consequence of that pause on land buying, that there would be some impact on outlets this year. As I mentioned, in the earlier questions and in the overview, you know, planning does sort of remain a challenge. Probably fair to say, too, John, that, you know, the sales rate has been better than we expected. You know, that has a consequence. Probably a little bit of more focused sort of discipline on closing sites from a sales and cost acquisition as well, but I wouldn't overstate that. The outlet, you know, does depend on the sales rate, land bank, you know, the planning, wider economic environment. Thanks, Jennie. The next question on the line is from Sam Cullen of Peel Hunt. Sam, please go ahead. Yeah. Morning, both. Just got one really and kind of following up, I guess, on the outlets and the deferrals into next year. In terms of, are you kind of building the pipeline for next year earlier than you have done in prior years? Is the first part of the question. The second part is really, should we be viewing this as a defensive move to mitigate further challenges that are likely to come in the next year in terms of the planning backdrop, given the politics of where we are in the election cycle? Should we view it as more a positive move in terms of kind of building momentum in the order book to kind of move hopefully back to a all things being equal, kind of beat and raise sort of mentality? Yeah. Okay. Actually, really good, really good questions, Sam. We're not seeking to build the order book earlier than, you know, than other years, but we are focused on building a strong order book going into 2024. You know, we talk about price optimization and, you know, the balance of value over volume in the order book is a really key element of that. It has benefits both to the quality of 2023 sales because we're not putting our teams under, you know, undue pressure. They are under pressure, and they're being driven for delivery, but, you know, it would tend to drive the wrong behaviors if we put too much pressure into trying to take too many completions into 2023, particularly later in the year. It obviously then has the benefit of driving a really solid platform for us to sort of deliver 2024. It gives us much more confidence and the opportunity to optimize price going into 2024. We're not building it overly early, but it is a focus for us. In terms of the defensive moves, or a positive, you know, I would absolutely start from the positive. You know, we see great value in having a strong order book. We've been talking about it, you know, for quite a long time. Certainly something that, you know, last May in the CMD we talked about. To your point, on a positive basis, it then also has a really strong defensive sort of benefit. You called out the election and election years do tend to do odd things to sort of customer sentiment and sales rates. Not the lead reason, but it certainly wouldn't do us any harm in those conditions. Great. Thank you. Our next question is from Ami Galla of Citigroup. Please go ahead. Yeah. Thank you, guys. Just one follow-up from me. One was, I mean, just following up from that question on, you know, what happens to volumes next year. If you're positioning for a stronger volume recovery, can you give us some color in terms of are you thinking of a higher WIP investment as we head into the end of this year? I mean, WIP's obviously been a really important management control focus over the current year. We are trying to balance carefully the opportunity break versus the importance of controlling our investment in the ground and ensuring that we're sticking to a really strong discipline around that build sales balance. You know, it is just, I mean, literally at this point in the year, Ami, trying to ensure that we're keeping as much opportunity open and, you know, we will iterate and solidify that as we go through go through this year and we see how the sales environment progresses. Thank you. The next question is from Clyde Lewis from Peel Hunt. Please go ahead. Morning, folks. two, if I may as well. one on first-time buyers. I mean, Jennie, I think you referred to obviously the tough time first-time buyers are still having. You know, one of your peers yesterday mentioned a bit of a change in the trend that they've seen in terms of recent reservations there. Is that something you are starting to see? At the moment, you still struggling with the level of first-time buyers? I mean, first-time buyer, you know, they're very procyclical and so, you know, the last quarter of 2022, you know, showed a significant drop-off in sort of first-time buyer inquiries. Really very, very early, as the year opened, we saw first-time buyers inquiries increasing amongst those sort of forward indicators and early leads. You know, if I reflect back again to some of the information we were able to share with you at the prelims, you know, that significant amount of sort of deposits that a number of first-time buyers have either, you know, supported by Bank of Mum and Dad or, you know, savings, taken, you know, really helping move them along. I think it is important to just sort of differentiate between first-time buyer completions in the sort of first quarter of the year versus first-time buyer reservations. You know, the reservations is probably a much better measure for, you know, where their sentiment is. You know, it's a good number I think, you know, for the first sort of 16 weeks of the year, 36% of reservations were first-time buyers. If we looked at that compared to the year before, you know, it's about 8% down. I think that we would've expected it to be looking a lot worse. It's then just the sustainability of that of that interest, Clyde, going forward. Okay. Perfect. Thank you, Jennie. The second was Top Hat. Obviously I'm very aware that you're building your own brand new timber frame factory at the moment. Did you look at potentially investing in Top Hat at all? I think TopHat's obviously been very active in the market. You know, very happy to say that, you know, been and visited the site and, you know, there's certainly elements of their operations that, you know, there are things to be learned there. Okay. Perfect. Thank you. Our final question we're taking from Emily Biddulph from Barclays. Please, go ahead. Hey. Morning, guys. I hope you're all well. I just had 1 quick follow-up on the lead indicators that you were talking about. I think you said that they sort of came off around Easter, but they've come back sort of stronger post then. I just wanted to be clear whether you're sort of effectively saying lead indicators at the moment are sort of in absolute terms where they were a few months ago. Are you sort of saying actually that they've come off a bit, but only in the sort of normal seasonal way that you would expect going into Q2? Thanks very much. Okay. thanks, Emily. just looking at sort of last week then that week after Easter, you know, our website sessions were down on the same week last year, but up at 11% on 2019. within that, our organic traffic was down 35% on last year, at 25%, 30% down on 2019. You know, as I mentioned in the overview, compensating that with sort of paid paid media. on an appointments basis last week, the appointments that we sourced from our website were down 36% on last year. You know, our teams are making up and have been making up those shortfalls through sort of all of our trading this year with increases in walk-ins and manual appointments. You know, I've referenced, you know, how well our teams are leveraging our dynamic system. You know, we are delighted, and we do think that that's really helping us drive sort of customer engagement and support. We did see an effect last week, but what I have been told by the teams is, you know, Saturday we had, you know, a real significant level of inquiries, you know, so sort of making up for some of that more muted Easter sort of Easter break activity. That's really helpful. Thanks so much. Now I'd like to hand back to Jennie to conclude. Look, thank you very much, everyone, and for your questions this morning. You know, as you've heard me say, I think we are still in uncertain times, but hopefully, you can see that our business is well-placed, and that we do have a sort of clear strategy focused on delivering value from that high quality land bank. We remain very focused on our operational delivery, continued tight cost and work in progress management. We do remain agile, and I think that we are very well placed to respond to any opportunities that either become available or the market delivers. Thank you again for your time and I look forward to seeing you at the half year. Thank you for joining us on today's conference. You may now disconnect your lines. Have a lovely day.