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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

◆ Emi­grat­ing

◆ 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.”

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