TUESDAY, 9.00AM
The price of housing has fallen for the eighth successive quarter, says the latest Absa housing review. The price of housing has fallen by six percent in real terms since January 1, allowing for inflation.
The weak housing market has also slowed down a rise in building costs, which grew by 4,3%, compared to 5,6% in the first quarter of last year. Absa does not expect the trend to reverse this year, due to the weak economy and high morgage rates. The average repayment on a house is now R2 481 per mont, compared to R2 213 last year.