Time is right for digital property logbook to modernise homebuying process
UK - Conveyancing Association
The idea was backed by the HomeOwners Alliance (HOA), which suggested it should be started with new build properties, while the Residential Property Surveyors Association also applauded it. Such a log book would contain all the details about a property such as title, rights, reservations, restriction, basic survey information, the seller’s data and leasehold details. The data would then be authenticated, digitally stored and made accessible, resulting in informed buyers, less time wasting and better communication, when the properties were subsequently sold.
The difference between 'ordinary' home loans and 'building' loans
South Africa - Multi Spectrum Properties
Whether you are buying a pre-owned property or a newly-built home, the home loan you will need is what the banks call an "ordinary" loan, and in most cases you will only have about 30 days to confirm to the property seller that your loan has been approved.
It also does not matter if you are a first-time buyer or a repeat buyer, but the size of the loan will depend on the property purchase price and the size of the deposit you are able to put down, and the repayment period will most likely be 20 years, although some banks are willing to extend this to 30 years.
In terms of the National Credit Act, banks cannot let you get into financial trouble by borrowing more than you can afford, but it is a good idea to establish the size of loan you are likely to be granted by obtaining pre-qualification through a reputable bond originator before you go house-hunting, says David Britz, marketing director of leading home developer Multi Spectrum Properties.
Residential building statistics
South Africa - Absa
Continued diverging trends in residential building activity at segment level Private sector-financed building activity (see explanatory note) in the South African market for new housing showed continued diverging trends on specifically a segment level in the first eight months of 2018, which caused the planning phase of new housing to have improved whereas the construction phase has contracted over this period.
The number of building plans approved for new housing increased by 11% year-on-year (y/y), or a total of 4 095 plans, to 41 480 plans in January to August this year. This growth in plans approved was the result of strong growth of 29,5% y/y, or 4 243 plans, in the segment of flats and townhouses, with a cumulative total of 18 649 plans approved in this category of the market in the 8-month period. Plans approved with regard to the two categories of new houses showed marginal declines. At a regional level the growth in the planning phase was largely driven by Gauteng and the Western Cape, with these two provinces having a cumulative share of 75,1% and showing combined growth of 25,3% y/y in plans approved up to August.
Building stats Aug 2018
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