MT Finance’s latest Broker Sentiment Survey of 215 brokers revealed 15 per cent were even more hopeful as they expected to see stronger a market within six months.
However, 27 per cent were less optimistic as they believed it will take 12 months or more for the market to recover.
As for lending capacity, 34 per cent said they felt lending would return to pre-pandemic levels within six to nine months.
There was less optimism for the economy however, as 54 per cent of respondents said it would stall for six to 12 months before returning to growth. Meanwhile, 14 per cent of brokers think there will be another recession.
Some 51 per cent think the government is doing enough to get businesses going forward, and 54 per cent feel the furlough scheme is having a positive impact on the financial services industry.
Lender appetite was the biggest challenge faced by brokers during the pandemic, 36 per cent of respondents said while 34 per cent said support from third parties such as surveyors and solicitors was a problem for them.
Transactional volumes were another issue, with 22 per cent citing it as a challenge.
Client related issues were the least of concerns for brokers as just six per cent said consumer confidence was a challenge for them.
When asked about difficulties faced during the loan process, 40 per cent said sourcing a suitable product was the biggest obstacle and 20 per cent said underwriting timescales was a problem.
A further 15 per cent said the logistics around adhering to legal requirements while social distancing was a worry.
Gareth Lewis (pictured), commercial director at MT Finance, said: “These results offer an interesting insight into just how long those working in the industry believe the UK property market and wider economy will take to recover. An overnight recovery does not look likely, with most predicting it will take at least six to nine months to happen.
“While the government’s furlough scheme has evidently had a positive impact on unemployment, some further government stimulus would be very welcome to resurrect the property market once lockdown is lifted, such as a stamp duty holiday or concessions.”