ITS MY HOUSE – Five Projected Homebuying Deposit Trends for 2024
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GUEST – Jackie Smith, Head of Buyers Trust
While 2023 has been a challenging year for the residential property sector, one aspect of the homebuying process that has only grown from strength to strength would have to be home loan deposits.
“In 2022, homebuyers across the country were putting down the smallest deposits South Africa had seen in years,” shares Jackie Smith, Head of Buyers Trust, a cutting-edge bank-hosted deposit solution for homebuyers. “Two of the key drivers was the banks’ willingness to grant zero deposit home loans and homebuyers not prioritising home loan deposits.”
However, Smith shares that in 2023, homebuyers have greatly increased the amount they put down on a home loan – with repeat buyers increasing the size of their deposit by 6.6% year-on-year and an even more staggering jump for first-time homebuyers.
While 2023 has been a challenging year for the residential property sector, one aspect of the homebuying process that has only grown from strength to strength would have to be home loan deposits.
“In 2022, homebuyers across the country were putting down the smallest deposits South Africa had seen in years,” shares Jackie Smith, Head of Buyers Trust, a cutting-edge bank-hosted deposit solution for homebuyers. “Two of the key drivers was the banks’ willingness to grant zero deposit home loans and homebuyers not prioritising home loan deposits.”
However, Smith shares that in 2023, homebuyers have greatly increased the amount they put down on a home loan – with repeat buyers increasing the size of their deposit by 6.6% year-on-year and an even more staggering jump for first-time homebuyers.
