Cape Town bytes into new market
South Africa - Property360
The Mother City is the continent’s top technical hub and property here is more desirable than ever as a result.
Cape Town is officially Africa’s leading digital city, and as a tech hub that provides more than 40000 jobs in the sector, its property market is reaping the rewards.
New developments are mushrooming to accommodate young individuals working in the creative and digital industries and the rental market, in particular, is benefiting from their lifestyles. Lock-up-and-go apartments are sought-after, as are developments that offer integrated living.
The State of Cape Town Central Report 2018, recently published by the Cape Town Central City Improvement District, affirms Cape Town’s status as the leading digital city in Africa, saying it is recognised as a hub for technology development and innovation.
Residential building statistics
South Africa - Absa
Continued divergent trends in residential building activity up to mid-2019
The diverging trends in private sector-financed residential building activity in South Africa (see explanatory note) since about mid-2018 continued up to the second quarter of 2019. Compared with a year ago the number of building plans approved by local government institutions trended lower in the first six months of the year, whereas the number of housing units reported as completed showed strong growth over this period. These trends in residential building activity could have been the result of significant lags in the reporting of completed housing to and/or approvals of plans for new housing approved by local government institutions.
The number of building plans approved for new housing was down by 19,3% year-on-year (y/y), or a total of 6 036 plans, to 25 170 plans in the six months up to June this year. This drop in plans approved came on the back of contractions in all three categories of houses in the 6-month period compared with the same period last year.
Building stats June 2019
The cost of something for free
UK - Mortgage Introducer
Choosing a free option can seem like something of a no-brainer but when it comes to the remortgage process it can often come at a cost. In theory, the introduction of free legals was supposed to make the remortgage process quicker and easier for both the lender and the client.
In practice this has not exactly proved to be the case. The overwhelming consensus for the use of free legals is that they lead to delays, suffer from a lack of communication and generate angry parties, on all fronts.
The vast uptake in free legals has led to conveyancing firms becoming overloaded with instructions, to the level where they cannot sustain high, or in some cases, even competent service standards.