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Buyers 'deliberately' more conservative in property market

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Cape Town - There are signs of South African consumers "deliberately" becoming more conservative in the residential property market, John Loos, household and property sector strategist at FNB, said on Friday.

Indications are that the household sector has become less confident of the economic future, and by implication of its own future financial situation. It seems mainly due to greater concerns about the global economic slowdown, the commodity price slump, interest rate hiking and heightened political and future policy uncertainty.

Loos pointed out that, at the same time, tougher economic and financial times are more likely to bring about a higher savings rate, despite it being theoretically tougher to save during the tougher times.

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