Standard & Poor's Global Ratings has again downgraded SA's foreign and local currency ratings by one notch each to BB and BB+ respectively.

Thursday, 23 November 2017 21:00

Repo rate remains unchanged at 6.75%

The Reserve Bank on Thursday kept the repo rate unchanged at 6.75% per annum, Reserve Bank Governor Lesetja Kganyago said.

The first three quarters of 2017 saw building activity in the South African market for new private sector-financed housing (see explanatory notes) contracting in both the planning and construction phases compared with the corresponding period last year, based on data released by Statistics South Africa.

According to StatsSA CPI (Consumer Price Index) figures, residential rental inflation has been outstripping average house price inflation of late.

The value of outstanding credit balances in the South African household sector continued to show relatively low growth in the first nine months of 2017, rising by 3,3% year-on-year (y/y) to a level of R1 522,6 billion.

Third quarter statistics (Q3 2017) from ooba, South Africa’s leading bond originator, show nominal positive growth of 3.3% on Q3 2016 in the average House Purchase Price.

A “lack of vigour” may be the best way to describe current performance across the full spectrum of property in South Africa.

The Sectional Title Home Market appears to be opening up a wider gap in terms of the house price inflation differential between itself and that of the Full Title Home Market.

Perceptions about the property market improved in the third quarter.

Building activity in the South African market for new private sector-financed housing remained under pressure in both the planning and construction phases in the first eight months of 2017, based on data released by Statistics South Africa.  

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