Rents up, bonds down

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.

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Property Angels – Attorney Realtor Partner

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

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