Prices of smaller-sized houses are rocketing at the moment, that’s according to the ABSA House Price Index. Take a closer look at why these types of houses make the best property investments. Data from ABSA Home Loans.
You may not need one right now, but it is time to begin saving for a deposit if you intend to buy a new home in the coming years. Comments from the heads of ABSA Home Loans & Nedbank Home Loans suggest that buyers will soon require a large deposit to qualify for a home loan.
According to FNB Home Loans, House Prices are currently growing at 10.1% on average. This is the first time in two years that year-on-year growth reached double figures. The average house price is now estimated to be around R790 000.
The FNB Residential Property Barometer is a quarterly report produced by FNB Home Loans, that draws conclusions about the future of the property market from a survey of various estate agency groups in South Africa.
Now is the time to get into the property market, or to invest further into residential property if you already own a home. Besides being a basic need, property values are growing fast and the pace is expected to increase even further!
ABSA Home Loans' senior property analyst, Jacques du Toit, believes that your property is set to grow in value by 6% in 2010. His prediction is backed by data from the ABSA Mortgage Advances Report published on March 30, 2010. The report focuses mainly on the the size and number of home loans granted by the banks on a monthly basis.
On March 25th, 2010 the South African Reserve Bank (SARB) cut interest rates by 0.5%.The prime rate moved from 10.5% to 10%. The Prime Interest Rate is used by the major banks on their home loan products. How Does This Interest Rate Cut Affect Your Pocket?
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