The majority of mortgage brokers believe that lending will be back to normal within nine months, according to a survey carried out by Smart Money People.

In total, 77 per cent believe that lending will be at pre-Covid-19 levels within that time, and 51 per cent see a recovery occurring within six months.

Appointed representatives seem cheerier overall – 59 per cent see a six month recovery on the cards compared to 37 per cent of directly authorised brokers.

Brokers who specialise in equity release proved to be the gloomiest: 19 per cent see a recovery within six months and 28 per cent believe it will take more than a year for lending to get back on track.

Smart Money People managing director Michael Fotis says: “Tentative steps are being taken to get the economy moving, and many lenders are talking loudly about their appetite to lend.

“That said, with job security likely to be a concern for many consumers, and predictions that house prices may decline by up to 13 per cent, it’s really hard to see customer appetite for new mortgage lending returning until 2021 at the earliest.”