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Vital signs of the property market

In the second quarter of 2013
• The variable interest rate was maintained at 8.5% per annum – the interest rate remained unchanged since mid 2012 at a 40 year low.
• Monthly mortgage repayments were on average 35.9% lower than in December 2008.
• It was 34% cheaper to have bought an existing home than to build a new one.
• 90% of sellers had to drop their price in order to sell – the reported average of the price drop is 10%.
• The estimated time a property would be in the market before selling was 17 weeks and 1 day.
• About 22% of buyers were first-time buyers.
• 52.5% of consumers had credit records in good standing, while 47.5% had impaired records.
• 21% of sellers were selling because they were downscaling due to life stage – they were not necessarily under financial pressure to sell
• 18% of sellers were under financial pressure to sell
• 19% of sellers were selling to upgrade to a better home
• 3% of sellers were selling because they plan to emigrate
• The average age of tenants rose from 27 to 31.
• 71% of tenants paid rent on time, 3% paid in the grace period, 10% paid late, 8% made only partial payment and 8% did not pay at all.

 The above statistics were extracted from The property barometer – FNB estate agent survey which was published on 16 July and Absa’s housing review for the Second Quarter of 2013, which was issued on 26 July 2013.


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