Brokers say no market recovery until 2010

Brokers and estate agents are in agreement that the property market will not fully recover until the end of 2010, reveals a poll from Easier2move.

In a telephone poll of 100 estate agents and 100 brokers during July and August, the online conveyancer found that half of brokers and 39% of estate agents are not expecting a housing marketing recovery until the end of 2010.

A further 55% of brokers surveyed believe that the recovery will happen at an earlier stage, between the second half of 2009 and the first half of 2010. Only 33% of estate agents feel the recovery will be this soon.

The overwhelming majority of brokers feel that the property downturn will not last beyond 2013, with only 3% believing this to be the case.

Robin Marcus, director at Easier2move, says: “It is worrying to see that the majority of experts who deal with this market day in and day out cannot see the housing market staging a recovery until late 2009 or early 2010.

“This sector has for a long time been a strong dynamic force in the UK economy. Government and industry need to work together to improve the situation as soon as possible to avoid serious damage to consumer confidence as well as further serious financial problems.”