Dividend Yield, page-12

There will also be many mortgage holders who are still receiving rent and have their jobs that will be asking banks for a mortgage repayment holiday. It will work both ways.
With unemployment going up there is no question that property prices will come under pressure, just a question of magnitude. Given the recent falls in this one, the market is saying earnings will be down, which is right but by how much?

At this level, a lot has been priced in already but doesn't mean it can't get worse.