I was recently at the Variety Club Property Awards, which I thought were brilliant for two reasons.

First and most importantly was the fantastic work that the Variety Club does for disadvantaged children and young people.

The second reason was that there were 800 people at the event. That on its own is not special, but what did impress me was how defiant nearly everyone I spoke to was.

Yes, we all recognised that things had been a little rough (understatement or what?) but there was a sense of grit and determination to get on with the job and get our sleeves rolled up.

A young agent asked me when I thought it would all be over. “When will what be over?” I asked, thinking that I had lost the context somewhat. “The credit crunch,” he replied. Now I had to put him out of his misery and explain: “This is it”.

We have seen a paradigm shift in not just property but banking, and over the next few years this will also be true for education, defence, health and every other aspect of our society.

I do not think my young friend had grasped the situation and he looked genuinely concerned. I joked that this was my third recession and that the sun would come up tomorrow and it’s best to press on.

What really struck me was the responsibility we have to the younger generation (I am 50 this year) to help and guide them through these difficult times.