Standard Bank sees no quick residential fix

There would be no quick turnaround for the housing market, Standard Bank said in its residential property gauge released yesterday.

"In spite of the economy emerging from recession in the third quarter of 2009, important drivers of household spending in the economy, such as the level of household income, debt and unemployment, do not point to a quick turnaround in the housing market," said bank economist Johan Botha.

The bank's property book for last year showed an average annual decline of 4.2 percent in the median house price, from minus 0.3 percent in 2008.

Sapa

Posted at 09:56AM Feb 03, 2010 by Editor in Residential  |