DURBAN - FNB Home Finance has revealed that the number of single applicants who bought residential property through the bank increased from 48 percent to 56 percent between 2016 and 2018.
Over the same period, single female buyers showed significant growth, surging from 22 percent to 28 percent while single male buyers recorded a 2 percent increase from 27 percent to 29 percent.
FNB Home Finance Chief Executive Lee Mhlongo said, "The consistent rise in the number of single home buyers indicates a greater level of awareness around property ownership as a worthy investment and asset. Based on the current trend, we’re likely to see more women property buyers than men in the next two years".
"FNB’s data is consistent with a broader industry trend which was highlighted by property research group, Lightstone, indicating that single women have been the biggest group of property buyers in South Africa, with almost 72,000 single women having purchased residential properties in 2018," added Mhlongo.
What’s important to note though is that the growing purchasing trend of single home buyers shows that being single is not a deterrent to individuals who want to buy property.
The Bank’s provincial comparison shows that single home buyers continue to dominate the Gauteng and Western Cape Property markets. However, married couples continue to outweigh other buyer types in provinces such as the Eastern Cape and KwaZulu Natal.
"Property ownership remains a vital foundation on which socio-economic transformation can take place. The empowering impact of owning your own property should never be underestimated. Over and above, owning property represents a stable investment which will grow over time and serve as a wealth creation tool for you and your family for future generations to come," concluded Mhlongo.
BUSINESS REPORT ONLINE