Mar­ket re­cov­ery con­tin­ues to hold

Business Day - Home Front - - NEWS -

The lat­est statis­tics re­leased by ooba, SA’s lead­ing bond orig­i­na­tor, in­di­cate the re­cov­ery in the prop­erty mar­ket, which be­gan in the sec­ond half of last year, has con­tin­ued to take hold.

Ac­cord­ing to Saul Gef­fen, CEO of ooba, the monthly trends in the statis­tics tracked by ooba, which in­clude move­ment’s in house prices, ap­proved bond sizes, de­posit re­quire­ments and bank de­cline ra­tios, all sug­gest that the pos­i­tive con­di­tions for home­buy­ers will con­tinue into the sec­ond half of this year.

The oo­barom­e­ter price in­dex recorded a 9.8% year-on-year in­crease in the av­er­age house pur­chase price in July to R850 763 from R775 172, while the av­er­age pur­chase price made by first-time buy­ers also showed a year-on-year in­crease of 8.5% to R591 643. The ra­tio of ap­pli­ca­tions de­clined by one lender, but granted by an­other showed a con­tin­ued im­prove­ment, up 9.7% year-onyear to 29.4% of all de­clined ap­pli­ca­tions. This means that nearly a third of all de­clines have the chance of be­ing ap­proved by an­other lender.

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