Second quarter 2022 new mortgage lending data, published by the South African Reserve Bank in its September 2022 Quarterly Bulletin, points to a weakening in growth from the prior quarter, and a shift towards a year-on-year decline in the value of new mortgage loans granted.
Second quarter 2022 new mortgage lending data, published by the South African Reserve Bank in its September 2022 Quarterly Bulletin, points to a weakening in growth from the prior quarter and a shift towards a year-on-year decline in the value of new mortgage loans granted.
The slowdown in new mortgage loans approved is due to a weakening in both residential and commercial mortgage loans approved, said FNB. However, it was the value of new commercial mortgage loans granted that declined by a more significant 24.31% year-on-year, after having seen a slight 2.5% negative rate in the prior quarter.
“A slightly positive 1.42% growth rate in the “Construction” category, we believe, is still being supported more by residential developments, which is an overhang of the strong demand surge in residential property back in 2020 on the back of sharp interest rate cuts that year. “The trend in the Value of Capital Repayments, which would be driven down by slower growth in loan settlement upon sale of properties in a slowing market environment, was thus also showing slower growth, to the tune of a negative 2.83% in the same quarter,” said FNB.
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