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Home loan deposits shrink

Dec 11 2009 13:38 Elma Kloppers

House market outlook 'positive'

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Johannesburg - The average deposit for a house, as a percentage of its purchase price, is currently 15.7% (R132 831), compared with an 18.7% (R148 554) deposit in November 2008.

This transpires from the latest oobarometer for November and is largely owing to banks' improved appetite for lending - with 100% mortgage loans available again - as well as favourable prospects for the property market.

The smaller deposit requirements have resulted in the average mortgage approved increasing to R711 419 in November, from R654 942 in November 2008.

The November oobarometer house price index showed annual house price growth of 6.3%, bringing the average purchase price to R844 250, compared with R794 496 in November 2008.

Saul Geffen, CEO of ooba, notes that for six successive months the index has shown prices are rising, indicating that the housing market is safely back in positive territory.

- Sake24.com

For more business news in Afrikaans, go to Sake24.com.

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