Cabinet Refacing Makes The Sale

The surge in electricity and water tariffs, along with property rates and taxes, are fuelling demand for houses for sale inside smaller and much more affordable segments, the most up-to-date statistics show.
Absa's house price index for May shows continued strong growth within the average prices of houses for sale inside the more affordable segment, with small houses (80-140mA�) achieving price expansion of 29,2% year-on-year. These numbers depend on find a realtor real estate the purchase price of mortgages approved by Absa.
The growth inside the small segment is significantly higher than the development in prices of houses for sale in the medium (141-220mA�), with increase of 9%, and large (221-400mA�), with development of 6,4%, segments, Absa says.
While the affordability of housing has improved significantly during the last two years around the back of lower house prices and rates during this time, this trend have turned around in late 2009, Absa says. The ratio of house prices and home loan payments on new loans to household disposable income showed a small increase following last year, while rising property rates and taxes and also electricity and water tariff hikes are affecting the charge and affordability of running a property, Absa says.
First National Bank (FNB) also warns rolling around in its latest report that increased rates and taxes can be harmful news from the home affordability viewpoint. "It is not merely about the fee of getting a home and the fee of credit. The cost of running the house is fast becoming a vital challenge," FNB says.
Banks are forecasting further house price growth through out the year, with FNB expecting a rise of 9,6% in average prices in 2010, rather than a decline of 3,5% in '09. Growth of 4,7% and 7,3% is forecast for 2011 and 2012 respectively.

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