Justicia Shipena
In its latest House Price Index report, the First National Bank (FNB) has signalled concerns over long-term housing affordability challenges that are expected to persist, further impacting the housing market.
Additionally, the bank anticipates a modest reduction in interest rates, contributing to the overall constrained conditions in the property sector.
“The residential property market will remain constrained as affordability bottlenecks persist, with a shallow cutting cycle expected,” states the report, reflecting the bank’s cautious outlook.
The FNB House Price Index reported a 12-month average growth of 3.3% by the conclusion of the third quarter in 2023.
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