Repo rate holds steady for 5th consecutive MPC meeting

Today’s announcement by the Monetary Policy Committee that the repo rate would remain unchanged at 8.25% - meaning that the prime rate holds steady at 11.75% - was disappointing for consumers with significant borrowings, including those with existing mortgages as well as first-time home buyers, says Dr Andrew Golding, chief executive of the Pam Golding Property group.

“According to FNB’s estate agency survey, increased housing market activity saw time on the market improve from 11 weeks and four days in Q4 2023 to 10 weeks and six days in Q1 2024, led by the Western Cape, where time on the market fell to seven weeks and one day, while Gauteng also registered an improvement.

“Positively, market commentators are still anticipating that interest rates are likely to begin to decline later this year, providing a boost in confidence and general market sentiment. This provides comfort for those who can afford to purchase a home in the current environment, particularly as there are still value-for-money opportunities in many areas around the country.

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