A series of interest rate increases and surging food and fuel prices in 2022 have already started to cool the boom seen in South Africa’s housing market over the past two years.
Although the total value of property sales continues to increase, the number of residential property transfers registered in the deeds offices has been on a downward trend in 2022. Since then, interest rates have increased by a cumulative 3.5%, taking the interest that commercial banks charge on home loans from a near 50-year low of 7% to 10.5%. This interest rate has reached pre-pandemic levels.
The good news for homeowners is that house prices across South Africa are still rising – although at a slower rate. According to FNB, house prices grew on average by an unchanged rate of 3.4% in July and August 2022, down from the peak of 5.1% recorded in April 2021 at the height of the Covid lockdown.
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