With inflation remaining under control and economic growth still sluggish, the decision by the Monetary Policy Committee to further reduce the interest rate is most welcome and helps provide the market with a positive confidence boost, says Dr Andrew Golding, CE of the Pam Golding Property group.

“This further decrease in the interest rate gives consumers a welcome confidence boost before the forthcoming year-end holiday season – bearing in mind that this year they have had to absorb sizeable increased in electricity tariffs as well as municipal rates. More recently the fuel price has also increased, while unemployment remains a concern.

“While there has been an uptick in housing transactions generally, a recovery in the housing market remains muted, with access to finance a hurdle which continues to preclude many homeowners from purchasing their own homes. The gap between sellers and buyers pricing expectations also remains challenging in many instances.

“On a positive note it is apparent that the market is experiencing increased interest with a sound appetite for the acquisition of residential property. This additional reduction in the interest rate is expected to instil further confidence in the market at an opportune time when some are considering relocating for various reasons, including employment transfers in the new year,” says Dr Golding.

Issued by Gaye de Villiers

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