The online survey revealed that just 4% of the intermediaries questioned think the market will recover in 3 months, 11% think it will take 9 months, 26.7% believe it will take 12 months and 44.6% think it will take even longer.
Neil Hoare, associate director of marketing and IT at Pink Home Loans commented: “I’m slightly surprised to see that as many as 18% of intermediaries think that the market will recover in 6 months or less given that many industry commentators have recently said that we could be looking at 2010 before things get back to some kind of normality. In his recent letter to the Chancellor, Sir James Crosby, warns that such a shortage of mortgage finance will persist throughout 2008, 2009 and 2010. In some ways it’s good to see the positive nature of the intermediary marketplace.”
The online Pink survey also revealed that only 14% of the intermediaries questioned have any confidence in the Government to see us through this crisis. 10% are unsure and an overwhelming 76% have no confidence at all.
