This is the current position as we see it as of October 2009. Data collected for deals done in Europe shows that the recession has dampened activity substantially compared to recent years. However sentiment 'on the ground' appears to be moving positively and we're seeing a fair amount of buyer interest as confidence builds each month. The data is for deal values above £3m and note that there is a lag where deals have taken place but not yet reported. 2009 is the yellow line.