The First National Bank (FNB) Property Barometer as revealed a rise in homeowners who are selling their properties due to financial pressures.
The report released on Tuesday shows an estimated one in five sales driven by this.
FNB property economist Siphamandla Mkhwanazi adds that above 95% of all sales at the moment are sold below the initial asking price.
At the moment it does point to a seller that is under relative pressure.— Siphamandla Mkhwanazi, Property economist - FNB
Activity in the market at the moment is quite subdued.— Siphamandla Mkhwanazi, Property economist - FNB
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This article first appeared on 702 : Homeowners under pressure to sell below asking prices - FNB