He said that StatsSA June residential building statistics complete the new residential building picture for the second quarter of 2022.
“However, it was probably too early to see slowing growth in completions as at the second quarter of 2022, the number of units completed still growing solidly year-on-year by 18% in that quarter.” Interest rates have risen cumulatively by 200 basis points since late 2021, and the FNB expectation is for a further 125 basis points’ worth of hikes in the near term. “Our expectation is therefore that there is likely to be year-on-year decline in the level of residential plans passed later in 2022, following on a good period of post-lockdown growth.”
grew most significantly – by 24.6% in the second quarter – while houses larger than 80 square metres recorded a slower 5.1%, and flats and townhouses category recorded 10.9% growth.
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