Banks are lending and overall confidence in the property market in South Africa is higher than it was at the end of 2021, with the sentiment towards buying property increasing marginally.
Carl Coetzee, the chief executive of bond originator BetterBond says that while the latest repo rate hike of 50 basis points will have an impact on monthly bond repayments, and how much aspirant buyers will be able to afford, the prime lending rate is still considerably lower than it was two years ago before the onset of the Covid pandemic.
Notwithstanding the challenging economic times, buyer activity remains robust and BetterBond has seen a 10% increase in the ratio of formally granted bonds year-on-year, according to April data, said Coetzee. Most importantly, according to Dyer, banks are continuing to offer extremely competitive interest rates on home loans. “Our Q1 data for 2022 showed a Ooba achieved an average interest rate discount of prime less 0.23% for our homebuyers, 18 basis points lower than Q1 21’s average rate of prime less 0.05%”.
Dr Andrew Golding, chief executive of the Pam Golding Property group said that financial institutions still demonstrate a strong and competitive appetite for lending. Samuel Seeff, chairman of the Seeff Property Group, said the residential market continues to hold up well with buyers showing strong confidence.
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