MT Finance has conducted a survey of mortgage advisors in the UK to find out how long they expect the recovery of the housing market to take following the coronavirus pandemic and lockdown restrictions.
The results reveal that the biggest percentage of advisors surveyed anticipate that a period of between six and nine months will be needed for the market to return to normal. That is the view of 40% of advisors, but 27% are less hopeful about the recovery timeframe, suggesting that it could take over a year for the market to fully bounce back.
Some of the participants are highly optimistic about a rapid recovery for the market though, with 15% arguing that six months is all that will be needed for the industry to return to normal, now that the property sector is back in action.
Speaking to Mortgage Strategy, the commercial director for MT Finance, Gareth Lewis, stated:
“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.”
In response to the questions about the broader economic picture, 54% of advisors indicated that between six months and a year would be needed for it to return to pre-pandemic levels, and 14% said that they expected the economy to go into recession.
Competition for clients will be high if the market shrinks, and those advisors who have a CeMAP qualification could have an edge.