25% of homeowners forced to sell due to financial constraints - FNB
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GUEST - Siphamandla Mkhwanazi, FNB Senior Economist
Financial pressure-induced property sales remain elevated in South Africa, with almost a quarter of all sellers giving up their homes because they can no longer afford them. FNB data for Q3 2023 shows that 23 percent of homes put on the market are due to financial pressure, a figure that is relatively unchanged from the previous quarter.
While this may be viewed as a bit of a positive – because the numbers are not growing – this level is still higher than the historical average of 18 percent since the end of 2007.
Financial pressure-induced property sales remain elevated in South Africa, with almost a quarter of all sellers giving up their homes because they can no longer afford them. FNB data for Q3 2023 shows that 23 percent of homes put on the market are due to financial pressure, a figure that is relatively unchanged from the previous quarter.
While this may be viewed as a bit of a positive – because the numbers are not growing – this level is still higher than the historical average of 18 percent since the end of 2007.
