Fewer first-time home buyers as high interest rates hit property market - Ooba

  • 📰 ewnupdates
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 53%

Business News News

Business Business Latest News,Business Business Headlines

Regional sales manager at Ooba Home Loans, Natasha Champion, says the property market has seen a decline in first-time buyers as high interest rates spook consumers.

The reserve bank recently hiked the repo rate to 8.25%, pushing the prime lending rate up to 11.75%.

The changes in the interest rates have increased the price of loans, especially for home and car owners."There's no doubt about it. We've had so many blows in terms of interest rate hikes, that we're all seeing stars. So, anyone that's currently linked to any interest-sparing debt, that's definitely a challenge. People are feeling it in their pockets.""We have seen a year-on-year 20% reduction in our volumes.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 30. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Former Prasa chair moves out of company-owned luxury home after exposéLeonard Ramatlakane, the former chair of the Passenger Rail Agency of SA (Prasa), moved out of a posh property belonging to the struggling state-owned entity in March
Source: SowetanLIVE - 🏆 13. / 63 Read more »