Unhappiness over static interest rate
http://iolproperty.co.za/roller/news/entry/unhappiness_over_static_interest_rate
The reluctance on the part of the South African Reserve Bank to drop the interest rates by a further 0.5 percentage point will be seen by estate agents as evidence that the government’s much-publicised commitment to home ownership is a little shallow, says Mike Greeff, chief executive of Greeff Properties.
“We had all come to expect a further drop in interest rates because inflation is under control and it was repeatedly said the economic recovery needs further stimulation,” says Greeff.
“Now these hopes have been dashed.
“Recent surveys have shown that 80 to 90 percent of lower-income earners are still renting and almost an equally large percentage of young adults are living with their parents, relatives or friends in conditions that are often seriously overcrowded.
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