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

Fairvest to become fourth property company to list on A2X

Oct 30, 2019
DARREN WILDER
Fairvest Property Holdings, a real estate investment trust with a market cap of R2…

Pam Golding Properties Annual Residential Property Report 2019

Nov 08, 2019
SA Reserve Bank
Signs that the residential property market is beginning to stabilise.

Diverse range of residential and commercial properties on BidX1’s next online property auction

Oct 22, 2019
BIX1 AUCTION 1
A diverse array of residential and commercial properties with lucrative investment…

Atterbury launches its new co-working concept, Attspace

Oct 22, 2019
ATTSPACE1
Atterbury is making its first foray into shared workspaces with its new Attspace…

Prime commercial and residential development opportunities and investment properties on auction

Oct 22, 2019
 LOT 8 2
Business owners, entrepreneurs and developers seeking commercial or residential property…

Please publish modules in offcanvas position.