Homeowners hit hard by rising interest rates
Many do not believe now is the right time to buy or sell property, says Absa survey
28 December 2023 - 06:00
Rising interest rates, high inflation and cost of living have resulted in many homeowners defaulting on their monthly bond repayments, with some being forced to sell their properties to reduce expenses.
Data from Absa’s home loan division shows the extent to which consumers are experiencing the negative effects of the cost-of-living crisis. Home loan repayments have increased as much as 40% since the start of the rate hike cycle in 2022, said Mbuyiselo Khumalo, head of collections for home loans at Absa...
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