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Wednesday Mar 05, 2014

House prices up 8% a year - FNB

Average house prices rose last month by 8 percent year on year, which was slightly lower than the revised 8.2 percent in January, FNB said earlier this week.

Real house price growth came in at 2.33 percent year on year in January, which was slightly slower than the 2.83 percent real price growth in December.

John Loos, a household and property sector strategist, said although house price growth was slower, it was still positive in real terms, implying a stronger market. 'Slower but still positive real house price growth may merely represent a slightly slower pace of market improvement but improvement nevertheless,' he said.

Loos said the growth rate reflected a solid market, which was supported by the 49.4 percent year-on-year growth in the SA Revenue Services' property transfer duty revenue for January.

He said it was probably too early for last month's FNB data to reflect any slowing impact that January's interest rate increase might have had.

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