56% of home buyers are single, says FNB

Posted On Wednesday, 26 June 2019 14:48 Published by
Rate this item
(0 votes)

FNB Home Finance has revealed that the number of single applicants who bought residential property through the Bank increased from 48% to 56% between 2016 and 2018.

 -LEE-MHLONGO-

Over the same period, single female buyers showed significant growth, surging from 22% to 28% while single male buyers recorded a 2% increase from 27% to 29%.

FNB Home Finance Chief Executive Lee Mhlongo says, “the consistent rise in the number of single home buyers indicates a greater level of awareness around property ownership as a worthy investment and asset. Based on the current trend, we’re likely to see more women property buyers than men in the next two years,”.

“FNB’s data is consistent with a broader industry trend which was highlighted by property research group, Lightstone, indicating that single women have been the biggest group of property buyers in South Africa, with almost 72,000 single women having purchased residential properties in 2018,” he says.

What’s important to note though is that the growing purchasing trend of single home buyers shows that being single is not a deterrent to individuals who want to buy property.

The Bank’s provincial comparison shows that single home buyers continue to dominate the Gauteng and Western Cape Property markets. However, married couples continue to outweigh other buyer types in provinces such as the Eastern Cape and KwaZulu Natal.

“Property ownership remains a vital foundation on which socio-economic transformation can take place. The empowering impact of owning your own property should never be underestimated. Over and above, owning property represents a stable investment which will grow over time and serve as a wealth creation tool for you and your family for future generations to come,” concludes Mhlongo.

Last modified on Wednesday, 26 June 2019 16:18
" "

Most Popular

Vukile transforms Pinetown’s first shopping centre, Pine Crest, into the first choice for shopping

Jul 25, 2019
 ITUMELNG MOTHIBELI
The renovated new Pine Crest launched today after an innovative R200m, 14-month…

Successful construction of CrestAquarium by Concor Buildings

Jul 25, 2019
 CRESTAQUARIUM 1
The indoor CrestAquarium at Cresta Shopping Centre allows shoppers to view more than 30…

The next wave of property development in Africa is coming

Jul 31, 2019
 NIYI ADELEYE
The past decade has seen South African property developers and investors forge their way…

Sandton Central’s private sector green building leadership contributes to better public spaces

Jul 25, 2019
 ELAINE JACK
From 2010, when Nedbank completed its headquarters on the corner of Rivonia Road and…

Centurion Mall, Redefine’s largest asset after comprehensive refurbishment

Jul 25, 2019
CENTURION MALL 1
The JSE-listed diversified real estate investment trust Redefine Properties today…

Please publish modules in offcanvas position.