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2 August 2018

Don't let a relative keep you on a string
South Africa - RealNet
Home owners who decide to sell often get expressions of interest from friends or family members, but they shouldn't let these distract them from their marketing plans.

"In our experience it is only very seldom that a relative or friend will follow up and become a genuine buyer. And if they do, the personal relationship can make it very awkward for the seller to negotiate price with them or agree on other terms of the sale," says Gerhard Kotze of RealNet.

"On the other hand, most estate agents will be reluctant to start marketing a property where relatives or friends of the seller are excluded from their mandate (and thus from a commission-generating sale).
RealNet

Cape Town rentals becoming more affordable
South Africa - IolProperty
An increase in To Let signs is being seen in Cape Town's city centre, which has enjoyed a property boom for a decade.

Property companies have cited the drought, the weak economy and an oversupply of residential properties as the main reasons for a decrease in demand for apartments to rent and more properties staying on the market.

But some agents say the situation did not signal that the lucrative property boom was over, but rather that the sector was seeing a "correction" in prices.
Iol Property

V BRICS Legal Forum 2018
South Africa - LSSA
The LSSA is hosting the prestigious two-day V BRICS Legal Forum. It will be held in Cape Town from 23-24 August.

The conference sessions are divided into four streams covering Arbitration, Contracts and Company Law, Taxation, Processes and functioning of the BRICS Dispute Resolution Centres.
LSSA

Credit and mortgage advances
South Africa - Absa
Uptick in household credit and mortgage balances growth in the first half of 2018, while home loan repayment patterns were divergent across income categories in the twelve months up to mid-2018

Outstanding credit balances in the South African household sector amounted to R1 580,3 billion at the end of June 2018, with growth that measured 4,5% year-on-year (y/y) in the first half of the year, compared with 4,2% y/y at end-May and 2,9% y/y a year ago.

The value of household secured credit balances (R1 208,6 billion and 76,5% of total household credit balances), which includes mortgage, leasing and instalment sales balances, increased by 4,8% y/y in the 6-month period up to end-June. Mortgage balances growth showed some improvement from end May (see below), with growth in instalment sales balances (R266,9 billion and 22,1% of total household secured credit balances) rising to 6,3% y/y up to end-June from 6,2% y/y at end-May and only 0,8% y/y at the end of June last year. Trends in household instalment sales balances are closely related to the vehicle sector, with new passenger car sales volumes rising by 3,9% y/y in the second quarter of the year.
Credit and mortgage advances (Jun 2018)

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