Not all doom and gloom for potential first time home owners
Despite the economy slowing down and high interest rates, South Africa’s first time home buyers stand a better chance of having their home loans approved than their US and UK counterparts. And, while local lending conditions have become stricter, lenders are willing to negotiate on interest rates. First time buyers should leap at the chance to get onto the property ladder as this is the cheapest property has been in a decade and the consensus of economists now appears to be that we are at the top of the current interest rate cycle.
Simon Stockley, CEO of Integer Home Loans says, “Although the property market inSouth Africa has been rattled by the effects of an ailing global and domestic economy, the local market is still relatively easy to enter. First time buyers in SA seem to have been held back by high interest rates and the requirements of the National Credit Act rather than the lack of availability for home loans experienced by first time buyers in theUK and US.”
TheUK has seen the steepest decline in home loan approvals for the first time in a decade. In 1997 thirty seven percent of mortgages went to first time buyers but by January 2008 the figure stood at a meager 13%. TheUK government (in stark contrast to RSA) has moved aggressively to stabilise and boost the sector with a raft of packages designed to stimulate the market and particularly first time buyers. The extent of the crisis in theUSA is emphasized by the announcement over the weekend by the US Government that they will be taking control of Freddie Mae and Fannie Mac with the purchase of $100 billion of preferred stock in both institutions.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
TheUK has seen the steepest decline in home loan approvals for the first time in a decade. In 1997 thirty seven percent of mortgages went to first time buyers but by January 2008 the figure stood at a meager 13%. TheUK government (in stark contrast to RSA) has moved aggressively to stabilise and boost the sector with a raft of packages designed to stimulate the market and particularly first time buyers. The extent of the crisis in theUSA is emphasized by the announcement over the weekend by the US Government that they will be taking control of Freddie Mae and Fannie Mac with the purchase of $100 billion of preferred stock in both institutions.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
TheUK has seen the steepest decline in home loan approvals for the first time in a decade. In 1997 thirty seven percent of mortgages went to first time buyers but by January 2008 the figure stood at a meager 13%. TheUK government (in stark contrast to RSA) has moved aggressively to stabilise and boost the sector with a raft of packages designed to stimulate the market and particularly first time buyers. The extent of the crisis in theUSA is emphasized by the announcement over the weekend by the US Government that they will be taking control of Freddie Mae and Fannie Mac with the purchase of $100 billion of preferred stock in both institutions.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
TheUK has seen the steepest decline in home loan approvals for the first time in a decade. In 1997 thirty seven percent of mortgages went to first time buyers but by January 2008 the figure stood at a meager 13%. TheUK government (in stark contrast to RSA) has moved aggressively to stabilise and boost the sector with a raft of packages designed to stimulate the market and particularly first time buyers. The extent of the crisis in theUSA is emphasized by the announcement over the weekend by the US Government that they will be taking control of Freddie Mae and Fannie Mac with the purchase of $100 billion of preferred stock in both institutions.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
TheUK has seen the steepest decline in home loan approvals for the first time in a decade. In 1997 thirty seven percent of mortgages went to first time buyers but by January 2008 the figure stood at a meager 13%. TheUK government (in stark contrast to RSA) has moved aggressively to stabilise and boost the sector with a raft of packages designed to stimulate the market and particularly first time buyers. The extent of the crisis in theUSA is emphasized by the announcement over the weekend by the US Government that they will be taking control of Freddie Mae and Fannie Mac with the purchase of $100 billion of preferred stock in both institutions.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
TheUK has seen the steepest decline in home loan approvals for the first time in a decade. In 1997 thirty seven percent of mortgages went to first time buyers but by January 2008 the figure stood at a meager 13%. TheUK government (in stark contrast to RSA) has moved aggressively to stabilise and boost the sector with a raft of packages designed to stimulate the market and particularly first time buyers. The extent of the crisis in theUSA is emphasized by the announcement over the weekend by the US Government that they will be taking control of Freddie Mae and Fannie Mac with the purchase of $100 billion of preferred stock in both institutions.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
TheUK has seen the steepest decline in home loan approvals for the first time in a decade. In 1997 thirty seven percent of mortgages went to first time buyers but by January 2008 the figure stood at a meager 13%. TheUK government (in stark contrast to RSA) has moved aggressively to stabilise and boost the sector with a raft of packages designed to stimulate the market and particularly first time buyers. The extent of the crisis in theUSA is emphasized by the announcement over the weekend by the US Government that they will be taking control of Freddie Mae and Fannie Mac with the purchase of $100 billion of preferred stock in both institutions.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
TheUK has seen the steepest decline in home loan approvals for the first time in a decade. In 1997 thirty seven percent of mortgages went to first time buyers but by January 2008 the figure stood at a meager 13%. TheUK government (in stark contrast to RSA) has moved aggressively to stabilise and boost the sector with a raft of packages designed to stimulate the market and particularly first time buyers. The extent of the crisis in theUSA is emphasized by the announcement over the weekend by the US Government that they will be taking control of Freddie Mae and Fannie Mac with the purchase of $100 billion of preferred stock in both institutions.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
TheUK has seen the steepest decline in home loan approvals for the first time in a decade. In 1997 thirty seven percent of mortgages went to first time buyers but by January 2008 the figure stood at a meager 13%. TheUK government (in stark contrast to RSA) has moved aggressively to stabilise and boost the sector with a raft of packages designed to stimulate the market and particularly first time buyers. The extent of the crisis in theUSA is emphasized by the announcement over the weekend by the US Government that they will be taking control of Freddie Mae and Fannie Mac with the purchase of $100 billion of preferred stock in both institutions.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Stockley says, “there is a general consensus that the market is turning and the crisis is nowhere as pronounced in RSA. As a result, there is a growing sense of confidence by both consumers and economists that we have reached the top of the interest rate cycle and that there are signs of market recovery, while there has been signs of slowdown in prices. This represents the ideal opportunity for first-time buyers to get into market and they should be exploiting that”.
Now more than ever, first time buyers need to step into the property market because prices are significantly lower than they were about two years ago. In June 2008 house prices dropped by 7.3% - this is on the back of earlier declines from the beginning of the year. First time buyers who have enough capital must just bite the bullet and enter the market - when the economy recovers prices might shoot up due to a demand.
“The average house price has declined to just over R950 000, from about R1m in early 2007. Although buyers might pay higher installments, the figures are projected to decline when the economy begins to recover at the end of 2009. Interest rates are expected to drop to 14% by the end of next year and a further drop to 12,5% is expected going into 2010”.
In theUK it has become near impossible for the average first time home buyer to secure a home loan. An entry level house costs about £200 000, which requires an annual salary of £60 000 and a 10% deposit amounting to £20 000. In theUS a married couple with a combined annual income of about $70 000 do not qualify for $500 000 townhouse.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
Simon Stockley attributes the woes of the overseas property market to the sub prime lending crisis which granted mortgages to people who could not afford repayments. He says, “In the US, California has been the hardest hit state; about 180 000 homes will be repossessed, this is from 826, 900 sub-prime loans carried in 2005 and 2006 alone”.
