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First-time buyers surge | Market conditions sees shift in cash buyer behaviour
It’s definitely not doom and gloom as prospective first-time buyers take a shine to property. Here's what the experts have to say.

When lockdown was imposed, resulting in the closure of the Deeds Offices and the suspension of property transactions, many expected that the bottom would fall out of the residential property market. But, the property market has proved to be robust, and not only has activity resumed - in some cases stronger than before the pandemic - but annual house price growth rebounded to 2.1% year-on-year in July.

'Notable move from renting to buying'
While devastating for many industries, the pandemic has actually been an unexpected boon for the property market as the Reserve Bank dropped the repo rate by 300 bps since the start of the year to support the weakening economy. With the lowest lending rates in 50 years, more prospective buyers have the opportunity to apply for a bond.

The Absa Homeowner Sentiment Index has found that, whereas in 2019, people bought property because it was considered a good investment, in 2020 affordability is the deciding factor.
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Equity, Access and Assets | New forum seeks financial inclusion of women
The SAIBPP Women’s Forum has been formed to advance the role and participation of women in the real estate and built environment sector. It is aimed at achieving inclusive and sustainable growth of women and women-owned entities in the sector through enhanced representation, greater access to opportunities, promoting broad-based compliance and assertive information dissemination.

The South African Institute for Black Property Practitioners (SAIBPP) has launched their Women’s Forum during a virtual event which included the Chairperson of the SAIBPP Women’s Forum, Fundi Mazibuko, UN Women’s South Africa Multi-Country Office (SAMCO) representative, Anne Githuku-Shongwe, Black Business Council Chairperson of the Women’s Alliance, Judi Nwokedi, CEO of Airports Company South Africa, Mpumi Mpofu as well as the CEO of Ryden International Property Consultants, Molly Gallant.

Facilitated by Chairperson of the SAIBPP Youth & Young Professionals Forum, Nthabiseng Makgabo, the topic of the panel discussion spoke to “Equity, Access & Assets – Increasing the Participation of Black Women in the Finance, Real Estate and Built Environment Sector”.
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Prescribed Debt | Shackled by old debt? Here's how to get it written off
There are still consumers who are not aware that debt prescribes or becomes old under certain conditions - and therefore could have been written off completely, says the Office of the Credit Ombud, noting that the Prescription Act is there for the protection of the consumer and the creditor.

Unfortunately, as much as we would like to just simply throw away debt we no longer ‘need’ or make use of like the old pair of shoes, there are conditions to ‘getting rid’ of old debt. According to the Prescription Act 68 of 1969, a debt is prescribed if during the past three years:

• You did not admit to owing on the debt, either verbally or in writing; • You have not made payment towards the outstanding amount; • summons was not issued and served on you.
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What it means to stand surety for somebody
It is important to note that when you stand surety for somebody, the surety is not limited to a transaction, but applies to all the debt incurred by that debtor at that financial institution.

 

At some stage in any adult’s life, they will be exposed to sureties in one form or another. Be it needing a partner, spouse or parent to stand surety in order to qualify for a home loan or standing surety for a facility granted to a company that one owns. And occasionally the surety just forms part of a contract, loan or instalment finance agreement that one enters into.

As long as the person or company that one stood surety for is meeting with their obligations, all is fair and well, but sometimes the guarantor is unexpectedly called upon to fulfill the terms of the suretyship when they were under the impression that it was no longer applicable. To illustrate, property finance specialists Property Factor have shared these real-life scenarios.
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