Buying your first property later in life
South Africa - Property360
The criteria for home loans for older buyers are different, so make sure to know what the banks want from you.
It is never too late to buy your first property. Even if your golden years are on the horizon and you still rely on a landlord for the roof over your head, you are not necessarily doomed during retirement.
Granted, there can be additional hurdles when securing a home loan at an older age, but it is not impossible. Market figures for last year show the average age of the first-time buyer in South Africa is 34 to 35 years, says Nondumiso Ncapai, head of product at Absa Home Loans. That said, it is “never too early or too late” to buy a home as this decision depends on what an individual can afford and their life-stage needs.
Ideally, however, a bank would want to ensure a client was not older than 75 when the bond is paid up. “Although there is still opportunity to lend to customers who are over 50, it may be harder to be granted a bond after the age of 65.” Ncapai emphasises that applications are taken on a case-by-case basis and decisions are based on a risk assessment.
Constitutional Court dismisses Proxi Smart's leave to appeal application
South Africa - Tech4Law
The Law Society of South Africa (LSSA) is ecstatic at the dismissal by the Constitutional Court of the application for leave to appeal in the matter of Proxi Smart Services (Pty) Limited vs the Law Society of South Africa and Others.
The matter was dismissed in early August. In the court order, the ConCourt concluded that ‘given the procedural insufficiencies in the applicant’s case, it is not in the interests of justice for it to adjudicate the issue on these papers’.
Practice Note for Estate Agents wishing to return to the profession
South Africa - EAAB
The purpose of Practice Note ETD02/2019 is to regulate the position of persons who were previously registered as estate agents by the EAAB, and who were issued with valid Fidelity Fund Certificates accordingly, but who subsequently left the sector and now wish to re-enter, despite the fact that such persons may not have complied with the educational requirements prescribed by the Standard of Training of Estate Agents Regulations, 2008.
National house price review
South Africa - Lightstone
As at the end of June 2019 the national house price inflation index was at 3.5 %.
The market has been ranging in the 2% - 5% zone for some time now following a slow down in recent months as shown by the provincial indices. The western Cape has been and still continues to outperform the rest of the provinces with an annual rate of 5.4 % despite a drop of about 3 percentage points in the last 12 months.
Our inland municipalities Ekurhuleni, City of Tshwane and City of Johannesburg metros are growing stably at rates between 1.5% and 4% whereas the coastal municipalities are generally performing above this range. This relationship extends to all coastal and inland properties as shown by their respective indices.
The Low and Mid value wealth segments continue to buck the trend by growing at more than 4% annually whilst the rest are inflating at rates below that.