PROPERTY prices in South Africa are continuing their fall, albeit marginally, according to last month’s property barometer, released on Friday.
The price index recorded a 2,8 per cent drop in year-on-year house prices, a slower rate of decline than March’s 4,2 per cent fall. The average purchase price, according to the barometer, was R767 769 last month.
Both the average bank decline ratio and the ratio of applications declined by one lender but approved by another continued to fall significantly.
‘The bank decline ratio continues to hamper the property market as banks’ strict lending policies vastly reduce the opportunity for home buyers to qualify for home loans,’ said ooba chief executive Saul Geffen.
– Nampa-Sapa
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