select
|

Home loan applications post strong growth

May 2012 has shown the best monthly performance record since April 2008 according to bond originator ooba.

SA’s leading bond originator‚ ooba‚ says it has recorded significant growth in home loan applications and approved loans in May‚ a sign that there are still pockets of growth in demand among households.

The growth was also affirmation that first-time home buyers were very active and that lending conditions by finance institutions were easing slightly‚ according to Saul Geffen‚ CEO of ooba.
The company’s latest statistics revealed that the rand value of ooba’s home loan approvals showed a year-on-year increase of 50% during May.

Geffen said that this was the best monthly performance recorded since April 2008.
“The consistent increase in applications and approvals over the past months is a positive indicator for the property market. There seems to be a marked increase in consumer sentiment and appetite for residential property and this has been underpinned by improved access to finance‚” Geffen said.

Ooba noted May’s approvals were 221% up on ooba’s lowest approved loans month‚ being January 2009‚ but still only 32% of its peak month in May 2007.

Other figures showed that the value of ooba’s applications in May was 20% higher than the same period last year‚ and 36% higher than April 2012.

The number of people applying for home loans was increasing‚ Geffen said‚ but added that this was being outpaced by the value of home loans approved given improved lending conditions and increased bank competition.

Geffen said that in comparison to the company’s historical best month‚ May 2007‚ applications were 45% of the peak levels.

(I-Net Bridge)



  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 22 Nov 2017
      The end of the year is fast approaching, and so are all the travellers, tourists and holidaymakers. For those who live near or own a property in a holiday-hotspot, the festive season also brings with it an abundance of short-term rental opportunities. Its a great way for property owners to make a few extra rand for their own holidays or to put towards their savings.
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK