Home buyers on the march
The value of home loan applications increased by 48 percent in February compared to the same period last year.
Bond originators, ooba says that interest rates, subdued property price inflation and relaxed deposit requirements have resulted in an iincrease in applications from buyers.
According to the Property24 website ooba states that February was the best monthly performance recorded since March 2008. Saul Geffen, chief executive officer of ooba says the value of approved home loans has increased by 32 percent year-on-year (y/y).
“We have not seen these levels since May 2008, but these figures are still 30 percent of the value recorded in May 2007.” He says that the average approved bond size also increased by 10.9 percent to R 738 835 in February 2012 from R 666 124 a year ago.