South Africans are selling to buy smaller homes as costs increase

The costs of running a home are making smaller properties far more attractive to South Africans.

More and more old people are downscaling while fewer people are moving into larger houses.

This is according to John Loos, a Property Economist at FNB.

A mere 13% of sellers during the second quarter of 2015 did so in order to buy a larger home. This is down from 17% in the first quarter and the high of 20% reached at the end of 2013.

About 30% of all sales in Q2/2015 was in order to downscale.

Scroll down to listen to The Money Show presenter Bruce Whitfield’s interview of Loos.

South Africans are becoming more conservative when it comes to property.

John Loos, a Property Economist at FNB

We expect interest rates to rise. But this is more about general running costs.

John Loos, a Property Economist at FNB

This article first appeared on 702 : South Africans are selling to buy smaller homes as costs increase


Recommended

by NEWSROOM AI
Read More
Sygnia's Magda Wierzycka to sue Iqbal Survé again after charges laid against her

Sygnia's Magda Wierzycka to sue Iqbal Survé again after charges laid against her

The Money Show’s Bruce Whitfield interviews Magda Wierzycka, CEO at Sygnia Group.

[Watch the latest adverts] Do you agree? Chicken Licken is the boss of Nando’s!

[Watch the latest adverts] Do you agree? Chicken Licken is the boss of Nando’s!

Chicken Licken’s latest ad flame-grills the most recent one by Nando’s, says Nicholas Kühne of Wunderbrand.

South Africa lost 16 000 jobs in Q3/2018 despite end of recession

South Africa lost 16 000 jobs in Q3/2018 despite end of recession

GDP growth of 2.2% was not enough to stop the bleeding. Bruce Whitfield interviews Peter Worthington, Senior Economist at Absa.

10 most-read 'small business' articles from The Money Show in 2018

10 most-read 'small business' articles from The Money Show in 2018

Small business guru Pavlo Phitidis from Aurik Business Accelerator broke the internet with these helpful articles.

10 most-read 'personal finance' articles of 2018

10 most-read 'personal finance' articles of 2018

Making ends meet, investments, property, debt, financial freedom… these were the very best "your money" articles of the year.

Why you need a pension fund (or retirement annuity) even if you own a house

Why you need a pension fund (or retirement annuity) even if you own a house

Many people falsely believe they do not have to save for retirement because they own the home they live in.

Popular articles
10 safety tips from Sanparks following latest robbery at Table Mountain camp

10 safety tips from Sanparks following latest robbery at Table Mountain camp

The Slangkop Tented Camp in Kommetjie was hit by thieves the weekend. Here's advice on how to keep safe in the area.

[WATCH] Child killer Mortimer Saunders given two life sentences

[WATCH] Child killer Mortimer Saunders given two life sentences

Child killer Mortimer Saunders has been handed two life sentences in jail for the murder of three-year-old Courtney Pieters.

We don't deserve to be called names - Sisulu's spokesperson

We don't deserve to be called names - Sisulu's spokesperson

International Relations Minister Lindiwe Sisulu was called a prostitute by Rwandan foreign minister on Twitter.

Tons of coal exported from SA not Eskom grade says expert

Tons of coal exported from SA not Eskom grade says expert

While South Africans are sitting in the dark million tons of coal is shipped to other countries like China, Japan and India.

Two men get away with R70 000 in robbery at Cape Town's World of Birds

Two men get away with R70 000 in robbery at Cape Town's World of Birds

Walter Mangold, the owner of the popular tourist attraction in Hout Bay, was targeted by two men on the premises on Sunday.

Here's how to check your load shedding schedule in Cape Town

Here's how to check your load shedding schedule in Cape Town

Eskom has warned that more power cuts can be expected as maintenance continues over the next twelve months.