Slowing property price growth and continued strong competition between banks for home loans favours entry into the property market for new homebuyers.
“There are therefore still good opportunities for first-time homebuyers to enter the market now.”
He added that competition amongst South African banks for home loans is expected to remain strong throughout 2022. “Banks are responding well to the increasing demand for no deposit loans with an approval rate of 82% in 22Q1 in this segment, up on 21Q1’s approval rate of just under 81%.” Lower deposit requirements have seen the average deposit as a percentage of the purchase price drop from 10.2% in 21Q1 to 6.7% in 22Q2. Similarly, the average deposit for first-time homebuyers is down from 8.2% in 21Q1 to 6.7% in 22Q1.
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