A survey executed by MT Finance has found that 40 per cent of brokers expect the property market to take six to nine months to recover.

Meanwhile, 27 per cent have a gloomier outlook, anticipating a timescale of a year or more, while 15 per cent are optimistic of a bounce back within six months.

On the wider economy, 54 per cent see it taking six to 12 months to get back to where it was at the start of the year, while 14 per cent see a recession on the horizon.

The survey also touched on what challenges brokers are now facing: lender appetite was the biggest worry for 36 per cent of brokers, followed closely by support from third parties, such as surveyors and solicitors, at 34 per cent.

Transaction volumes were the main worry for 22 per cent of brokers and consumer confidence on the minds of 6 per cent of brokers.

Going hand-in-hand with the main challenge for brokers, 40 per cent answered that the inability to source a suitable mortgage product was the biggest difficulty in the loan process currently and 20 per cent said that underwriting timescales were theirs.

Social distancing rules were seen as the biggest challenge for 15 per cent of brokers.

The government has received decent marks, too: 51 per cent of brokers asked think that the government is doing enough to help drive businesses on, and 54 per cent approve of the furlough scheme in terms of the financial services industry.

MT Finance commercial director Gareth Lewis says: “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.

“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.”