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Johannesburg – Some early signs were emerging of a shift towards a renewed improvement in housing and housing-related affordability, according to First National Bank (FNB).

This was despite the deterioration in housing and house-related affordability during the second quarter, FNB household and property sector strategist John Loos said.

He said house inflation was far from strong and had been slowing in the past few months, while there had been some mild decline in real house price levels in the past two quarters and the rate of increase in the average house price/per capita disposable income ratio had slowed to a snail’s pace.

Loos said consumer price inflation also appeared largely under control, which was expected to lead to the SA Reserve Bank keeping interest rates unchanged at current levels for a lengthy period.

“This in turn could all but halt the rise in the home instalment/per capita disposable income ratio and the increase in the household sector debt service ratio,” he said.

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