The staff and their families live in a small cluster of houses at the bottom of the peninsular.

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In London many small hedge funds cluster in Mayfair, far west of the City and Canary Wharf where the big banks camp out.

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Mr Gates, who has created his own small cluster in Washington, has been through several revolutions in the software industry, without losing his head in any.

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Meanwhile, a cluster of small islands in the Inner Hebrides are being sold on the open market.

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Visit the area around Vicenza, in the north-east, which has an array of small family companies, or look at ceramics companies in the cluster around Sassuolo, in the centre of Italy, and you will be struck by the energy and skills on display.

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In such cases, a judgment is made about the overall character of a small cluster of streets, and it is classified accordingly.

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The urban option will continue to appeal to small but growing segment of the population, and certain highly paid professionals, notably in finance, will continue to cluster there.

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Regulators might not like that, since the market will in effect be divided into three parts and limit the choice for buyers to two media powerhouses and a cluster of small companies.

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