First-time buyers drive sectional title market
Statistics released by bond originator ooba show that the overall demand for sectional title property has risen by almost 7% year on year.
First-time homebuyers are driving the sectional title market, with 56% of all applications received by ooba in the past 12 months originating from this market.
Thirty-three percent of first-time buyers are opting to purchase a sectional title unit instead of freehold property, an increase of just over 6% year on year. The average age of the first-time buyer purchasing a sectional title unit is 33, while the average age of this market buying a full title property is 39.
CEO of ooba Rhys Dyer says: “Sectional title complexes generally offer the benefit of added security through, for example, access control, electric fencing, guards or improved neighbour vigilance. The increased demand for sectional title units is expected to continue into 2016.”
Regulator raids debt counsellors in Western Cape
In a special operation, the National Credit Regulator has conducted raids on 11 debt counsellor firms in the Western Cape that operate call centres.
The raids were set up after information was received that certain debt counsellors may be misrepresenting the nature and purpose of debt counselling to consumers, and marketing it as a payment holiday or simply as a means to reduce monthly debt repayments.
Jacqueline Boucher, acting manager of investigations and enforcement at the regulator, says the focus of the operation was on debt counsellors who operate call centres.
The raid was undertaken to determine if they were complying with the National Credit Act and to ensure that debt counselling was not being conducted by call centre agents who were not registered as debt counsellors, because this is a contravention of the act.
Debt counselling is intended as a measure of last resort to assist you if you are overindebted.
A debt counsellor will consider your budget and determine if you are overindebted.
If you are, he will then charge you a debt counselling fee to take on your case and will liaise with your creditors to arrange a repayment solution that allows you enough money for your essential expenses such as rent and groceries.
Applications open for Western Cape Funding Fair
If you live in the Western Cape and you are keen to start a business, now is the time to send an application to the Western Cape Funding Fair, hosted in May by Deloitte and the Western Cape department of economic development and tourism.
Economic Opportunities Minister Alan Winde, who spoke at the launch of the 2016 Western Cape Funding Fair this week, explains that the fair is a public-private partnership intended to kick-start business initiatives across the province.
The event connects businesses that require funding with suitable investors, and educates applicants on best practices to follow to turn ideas into bankable business plans. It is open to any Western Cape-based business seeking funding from R2 million.
Craig Whyte, founder of ArtLab, a digital printing company, successfully secured funding at the 2015 Funding Fair.
He advises this year’s applicants to conduct proper due diligence on their business before pitching.
“The deal is in the detail. Always do your due diligence to ensure that you are prepared for the pitch because you don’t want one small detail to jeopardise the potential of your business securing funding,” says Whyte.
Successful applicants will have the opportunity to attend a preparation workshop at Deloitte leading up to the Funding Fair, which will be followed by a 15-minute private pitching session with funders at the fair. The Funding Fair will consist of various entrepreneur-focused presentations as well as an exhibit. It is open for free to the public.
To attend, register on the Western Cape Funding Fair website, or to apply to pitch for funding, visit westerncapefundingfair.co.za and follow the conversation on Twitter using the hashtag #WCFundingFair.