Big jump in bonds for homes priced over R3 million in South Africa

Of these, the bond originator said that 60% of the applications were from first-home buyers making the most of the improved affordability. This percentage remains unchanged from the 12 months ending December 2020.

The total number of formally granted applications increased by 16.6% over this period, which Coetzee said, compared favourably with the 12.34% increase reported for the 12 months ending in December 2020. The average home purchase price increased by almost 12% in the 12 months ending December 2021, he pointed out.

Formal grants for homes of between R500,000 and R1 million still make up the lion’s share of BetterBond’s applications for the 12 months ending in December last year. However, at 38.8% of the formal grants for this period, it has dropped by 11% since 2020, said Coetzee.

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