House prices up 8% a year - FNB

I spent a couple of hours with John Loos from FNB a couple of weeks ago and as always he was entertaining and informative.  I can always recommend that you pay attention to what he says.  You don't have to agree with him on his predictions (I have disagreed with him in the past on this Blog) but he always has the facts and figures to support a trend he has spotted or an opinion he has.

His articles, reports, etc. are usually available on the FNB website.

Gareth Shepperson
Commercial and Property Attorney















House prices up 8% a year - FNB

Average house prices rose last month by 8 percent year on year, which was slightly lower than the revised 8.2 percent in January, FNB said earlier this week.

Real house price growth came in at 2.33 percent year on year in January, which was slightly slower than the 2.83 percent real price growth in December.

John Loos, a household and property sector strategist, said although house price growth was slower, it was still positive in real terms, implying a stronger market. 'Slower but still positive real house price growth may merely represent a slightly slower pace of market improvement but improvement nevertheless,' he said.

Loos said the growth rate reflected a solid market, which was supported by the 49.4 percent year-on-year growth in the SA Revenue Services' property transfer duty revenue for January.

He said it was probably too early for last month's FNB data to reflect any slowing impact that January's interest rate increase might have had.

Business Report



Gareth Shepperson
Commercial and Property Attorney

Comments

Denny Crane

Denny Crane
It's not me ... yet. Denny Crane from the TV series Boston Legal. Click on picture if you're not sure who he is!