Affordability issues have pushed up the average age of residential property buyers to above 43 years old from levels near 40 years old in 2007, and reduced the average monthly volume of transactions to about a third of the peak in late 2003.
The total value of sales in the SA housing market has been steadily increasing, with an 8,3% increase in the value of residential-property transactions from 2014 to 2105.
Its strategy to remain in the mortgage-lending market when other banking participants were pulling out in 2011 had paid off, the South African bank's retail and business CEO, Funeka Montjane, said.
These articles are for general information purposes only. Hall Real Estate Group's aim is not to replace formal medical, legal or financial advice, but rather to empower our clients with information that will steer them in the right direction. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your medical, legal and or financial adviser for specific and detailed advice.