Hot Stat: Property barometer declines

2008-04-22 00:00

The FNB Residential Property Barometer for the first quarter of 2008 unsurprisingly showed further decline in activity levels, as estimated by estate agents in the major metro areas of the country.

At 4,96 (on a scale of 1 to 10), the first quarter’s national activity level rating is the lowest quarterly level on record since the Barometer survey began in 2003, down from 5,09 in the previous quarter.

As a percentage, first time buyers declined from 17% in the previous quarter, to 14%.

The percentage of properties sold at less than asking price sits at 83%, while the average length of time that a house stays on the market is now at three months.

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