The average deposit as a percentage of the home’s purchase price for Q2 2018 is currently at 14% - this is down 21.8% compared to a year ago! For first-time buyers, however, the average deposit is 12.3% of the home’s purchase price – down by
Estate agencies are reporting improved lending appetite from banks. This is backed up by bond originator ooba revealing last month that the company recorded the highest home loan approval rate (76.9%) in Q1 2018 in the 10 years since the National Credit Act was enacted.
The property market is significantly influenced by sentiment and consumer confidence. Increased political uncertainty, low economic growth and inflationary pressures caused property buyers to ease off on new property purchases during 2017.
This was according to Rhys Dyer, CEO of bond originator ooba, who noted that reduced demand
The State of Transformation Report for the South African Property Sector published by the Property Sector Charter Council (PSCC) shows that the South African residential property market has increased by nearly R1tn over six years, from the 2010/11 to 2016/17 financial year.
The residential property market
Saving up for a home loan deposit while renting can be a big challenge for many South Africans. Tenants who pay on time and in full may feel they do not have wiggle room in their budget to set aside some money each month to
Nearly half of all new home loan applications received by bond originator, ooba, are from buyers who have no access to a deposit, but 74% of these applicants are successful in their bid to secure 100% bonds
This is according to Kay Geldenhuys, property finance processing
The average purchase price between Q4 2015 and Q4 2016 showed positive nominal (including consumer price inflation) growth of 7.1%; while nominal quarter-on-quarter growth from Q3 to Q4 2016 confirms that growth in the property market has slowed significantly.
This is according to Rhys Dyer, bond
Almost half of all mortgage applications were declined in Q3 2016 compared with the same period last year. This is according to quarterly property statistics released by bond originator, ooba, which explains this is as a result of buyer’s lack of affordability.
“There has been a