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Johannesburg - Banks' improved appetite for loans has had a favourable effect on the housing market, as new figures from the oobarometer indicate.
Since all four of the major banks adjusted their loan criteria and are again offering 100% mortgage loans, the average deposit for an average house - costing R806 494 - has declined to 12.5% (R100 750) in September from 23.1% (R184 215) in August. A year ago the average deposit required was 17.6% or R139 771.
The average percentage for rejected mortgage loan applications has also fallen to 48.4%, from 52% a year ago. This was however higher than the 45.1% a month ago.
The oobarometer's house price index shows that prices were 1.8% higher in September than this time last year.
This good news comes in the wake of the banks' house price indices, which have also indicated that the housing market is starting to edge up.
Although some indices are still reflecting year-on-year declines, prices are expected to go up again during 2010.
- Sake24.com
For more business news in Afrikaans, go to Sake24.com.