FINDINGS from FNB’s Estate Agent Home Selling Survey present a broad picture of financial constraints and caution in an environment of economic weakness and uncertainty, says FNB’s John Loos.
Loos says the figures show the reasons for selling homes during the third quarter, according to some survey categories, are: ◆ Downscaling due to financial pressure ◆ Downscaling with life stage
◆ Relocating to elsewhere in South Africa ◆ Upgrading
◆ Moving to be closer to amenities
Loos says: “We believe the still-high level of selling in order to downscale due to life stage is not only driven by strong growth in the size of the older middle and upper-income population numbers, but also due to a sizeable group of the ageing population wanting to ‘offload’ larger homes – that are increasingly costly to operate – in favour of smaller and less costly homes.”