Mc Naught & Co
First time buyers now have a great time to buy
When looking at the average prices of properties being purchased by first time buyers over the past 24 months and then the past 12 months, we see that price increases in the bracket are slowing down.
Two years ago, the average price in this bracket increased nearly 5% whereas over the past year we have seen a much more manageable 2.4% increase.
This, coupled with an increase in the percentage of mortgages being granted to first time buyers shows the market that it’s a good time to buy. Consulting the right agent and selecting the property that falls within your means is a winning combination as it will stand you in good stead to weather the pending interest rate hikes.
A good conveyancer will ensure that your purchase and transfer are seamless and this is why we recommend that you contact one prior to putting pen to paper on your sale agreement.
Mc Naught and Company are available via a number of means of contact and the partners mobile numbers are on our website should you have any queries.
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Property Practitioners Act – The new law
Some new legislation will bring far-reaching changes to the property industry as it will be replacing the Estate Agency Affairs Act, 1976 (“The old Act”). If you are an estate agent, you will likely already be aware that the Property Practitioners Bill was signed into South African law on 2 October 2019 and we can expect that it will become operational within the next few months. However, Estate Agents are not the only ones who this bill applies to.