Standard Bank's house price index eases in December
The Standard Bank's house price index ended 2013 on a more modest note‚ with growth easing to 5.5% in December year on year from 6.6% in November.
House prices are unlikely to rise significantly in 2014 says Standard Bank. Image: cherezoff Fotolia
"Last year as a whole exhibited much the same trend as 2012‚" Standard Bank said‚ adding that house price index improvements averaged 7.1%‚ compared with 7.2% in 2012.
"This is consistent with our view of a housing market is biding its time in single-digit growth territory," the bank said.
Support stemmed from resilient trends in mortgage credit‚ it said.
The bank said it expects growth in house prices to be limited to the upper single-digit level this year‚ adding that households may enjoy some relief stemming from a moderating consumer price index.
"Monetary policy is largely anticipated to continue to be accommodative in 2014‚" it said.