Rents up, bonds down
This means that buying your first home is much more difficult, with banks scrutinising consumers’ expenditure and debt commitments much more closely and being required to factor in affordability in the face of further interest rate increases.
As a result the rental market has literally taken off and many first-time buyers are forced into renting for longer to save up for a deposit.
Whether you want to sell your residential property or buy a new real estate investment, a house or an apartment, your Property Angel is here to help you find your sophisticated home.
Property Angels – Success Together
Mortgage originator, BetterLife, pegs it at two to three years on average during which half of these buyers are able to save up at least 20% of the purchase price (that’s R200,000 on R1m).
Bond originator, ooba, reports that fewer home loan applications are also being submitted – something Rhys Dyer, CEO of ooba, believes signals diminished buyer confidence in the light of current economic conditions and rising interest rates.
The successful approval rate for home loans is down by 2.7% year-on-year for Q1 of 2016, and drifting 0.8% lower against Q4 of 2015, he says.
These are the early signs of the financial pressure facing South Africans due to deteriorating economic conditions, rising interest rates and higher inflation rates. Fewer buyers are qualifying for finance as affordability constraints kick in.
Author: Meyer De Waal
Property Angels is an online property portal that promotes residential property for sale across South Africa. You can buy, sell, list and find South African properties online. Find houses for sale in Johannesburg, Cape Town and Durban which are the three biggest cities in South Africa.
At Property Angels we will help you sell or buy your next house or home so that you can move on quickly and affordably.
Traditional Estate Agents do offer good service but you want so much more when it comes to selling or buying your next home.
Some of the top property companies online in South Africa include Private Property, Property 24, My Property, Property Fox, PropertyCoZa, Remax, Pam Golding, LeadHome, SA Hometraders, Gumtree and Property Angels.
Whilst most online property brands offer online visibility for Estate Agents South Africa, Property Angels offers online visibility for Attorney Realtor Agents South Africa.
Whether you have a property for sale or you are seeking a house to buy in the southern suburbs, Northern Suburbs, Eastern suburbs or Western suburbs, choose Property Angels as your attorney realtor property website in South Africa. Sell your property online through Property Angels.
Your dedicated Attorney Realtor will call you back today or the next business day.
Whether South Africa is in a buyer’s market or in a seller’s market, contact Property Angels today for quick and efficient online and face to face service.
List your house for sale with Property Angels. You can also find property to view, property selling tips and many other useful property and finance blog articles and property products bespoke to your needs. Buy and sell your private residential property through Property Angels. Allow Property Angels to become your chosen property website portal for your choice of homes to sell and homes to buy.