Residential property market heats up | Can South Africans expect more interest rate cuts?
While two more rate cuts are possible, the monetary policy alone cannot be expected to improve the economy, says South African Reserve Bank Governor Lesetja Kganyago. The South African residential property market is seeing the most impact from the historically low interest rate of 7% - with the favourable lending environment boosting buyer confidence, especially among first-home buyers and within the lower price bands of the market.
Ewald Kellerman, Absa's Chief Risk Officer for Home Loans says over the last 6 months, "45% of its approved home loans have been for first-time home buyers (FTHB)". "The activity in the market has increased significantly due to favourable interest rates," says Kellerman who also noted "FTHB applications for 100% lending has increased in comparison to the previous year".
My ex won't sell our joint-bond home, what can I do?
A Property24 reader who broke up with her partner wants to know what the best way is to settle the bond - since her ex does not want to sell the property. "My partner and I have a joint bond, we are not married and I am not the one paying the bond, he is.
"We broke up and we can't be living in the same house. I want him to buy me out but it seems like it’s a procedure and he can't afford to. So he refused to sell the house and I can't move on when I know my name is on the house, and I did contribute.
"What can I do to sell it or make him to sell?”
Property24 Guest Expert Jaco Rademeyer has the following Advice:
In circumstances such as the above where many variables are at play, it’s often best to start with the aspects which are clear and not up for questioning. With this in mind, the following points are worth noting:
Knowing your rights and obligations as a tenant can save you money
This year, beleaguered South Africans have been forced to tighten their belts yet another notch or two as the impact of Covid-19 continues to bite deeper into our flailing economy and it’s becoming increasingly important for consumers to learn where and how they can save money.
“This is especially true in the rental arena where a little knowledge can go a long way,” says Lorraine-Marie Dellbridge, Rentals Manager for Lew Geffen Sotheby’s International Realty in Cape Town’s Southern Suburbs.
“Being familiar with the rental regulations, especially regarding moving in and out inspections and deposits can save you from having to fork out for additional expenses, as well as from unnecessary stress and delays.”