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More first-time buyers as house price growth slows - BetterBond

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Johannesburg - Things are looking up again for first-time homebuyers in the current market, according to Shaun Rademeyer, CEO of bond originator BetterBond.
 
“The slight decrease in interest rates in July means it is easier to qualify for home loans – and there may be further decreases later this year," said Rademeyer.

"At the same time, the rate of house price growth over the past 12 months has been considerably slower than the rate of salary growth, and now our statistics show there has been a significant increase in the number of 100% home loans, the majority of which always go to first-time buyers in the lower income brackets.”

BetterBond statistics show the average price in the first-time buyer sector of the market increased by just 4.3% in the 12 months to the end of July (compared to 5.6% in the previous 12 months), while the latest available Bankserv figures put the rate of salary growth over the 12 months to the end of June at 6.7%.

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