Credit and mortgage advances
South Africa - Absa
Continued steady growth in household credit and mortgage balances
Steady growth of 6,7% year-on-year (y/y) was recorded in outstanding credit balances (R1 717,9 billion at end-October) in the South African household sector since August this year up to the end of October. Growth in both secured and unsecured household credit balances was on a gradual upward trend in recent months.
Household secured credit balances (R1 294,7 billion and 75,4% of total household credit balances), which includes mortgage, leasing and instalment sales balances, increased by 5,4% y/y in the 10-month period up to end-October, up from 5,2% y/y at end-September. Mortgage balances growth increased marginally from end-September (see below), with growth in instalment sales balances (R290,7 billion and 22,4% of total household secured credit balances) also somewhat higher at 6,1% y/y at end-October from end-September.
Growth in household unsecured credit balances (R423,1 billion and 24,6% of total household credit balances) came in at 11,1% y/y at end-October, which was much in line with growth of just above the 11% level since August. At the end of October growth in general loans and advances balances was 11,8% y/y, with growth in credit card balances at 12,5% y/y and growth in overdraft balances recorded at 4,1% y/y.
Credit and mortgage advances (Oct 2019)
Cape scoops highest prices and R21bn in transactions despite challenging year
South Africa - Property360
The metro also scooped the highest prices paid for residential property in the country this year according to Ross Levin, managing director for Seeff Atlantic Seaboard and City Bowl. Comparatively, Pretoria metro reached around R17bn (ave of R1.2m), Sandton R13.4bn (ave of R2.3m), Johannesburg R13bn (ave of R1.483m) and Durban R6.4bn (ave of just over R1m).
The wealthy might not be buying as much as they used to, but Cape Town still tops their list of most desirable property, says Mr Levin. Atlantic Seaboard and City Bowl sales amount to R4.3 billion including 30 of the highest prices paid. The rental market has also performed exceptionally despite the headwinds. Seeff has concluded rentals of up to R170 000/month in Fresnaye, R130 000 at the Waterfront, R120 000 in Bantry Bay and R60 000/month in Tamboerskloof in the City Bowl. Holiday rentals this summer is expected to reach R100 000-R250 000/night in Clifton.
Property Fraud And Fake ID Is Swamping The Conveyancing Sector
UK - Today's Conveyancer
The intensification of property fraud and fake ID documents means that conveyancers are much more accountable when it comes to ensuring their clients are who they say they are. Over the past 18 years, property fraud and bogus ID documentation has estimated to have cost the UK Land Registry in excess of £73 million – averaging a pay out to a victim over £100,000.
Criminals are ever-evolving and will use a number of sophisticated methods to commit property fraud such as obtaining a fake ID like a passport or driving licence; or changing their name by deed poll to the real property owner’s name and obtaining genuine documents or opening bank accounts.
Alternative legal providers “will boost lawtech sector”
UK - LegalFutures
Tech is a key element of growth in UK legal services, while investment deriving from market liberalisation and alternative providers increasingly linking up with law firms will boost the lawtech sector further, according to a report by lobbying group TheCityUK.
Meanwhile, a parallel Law Society study of the UK’s lawtech performance compared to global rivals found that London is fast becoming a hub for innovative start-ups.
Although it still lags behind fintech – financial services technology – Chancery Lane said investment in companies trying to innovate is pushing lawtech to grow.