House prices in South Africa have continued to drop when corrected for inflation even though the average percentage of the home price that a bank lends and the volume of mortgages transactions were at historical high levels in the second quarter of 2019. The loan-to-purchase-price reached 90.6% in the second quarter of this year –improving from an average of 88% in the second quarter of 2017–, becoming the highest level in more than a decade, the First National Bank Property Barometer showed.
This increase in the percentage that banks lend for properties should be correlated with an increase in residential property transaction volumes, which showed a small growth –around 0.9 %– in August, leaving behind a period of property market underperformance. At the same time, the value of home loans grew fast. The FNB Property Barometer also shows that the total value of mortgages provided to South Africans grew by 4.3% in the first half of 2019, compared to 3.4% for the same period in 2018, the highest growth since November 2010.
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