The Monetary Policy Committee (MPC) meets six times a year to set interest rates and battle inflation. Economists’ projections can be varied, but the result is typically in the middle. A collection of estimates across the industry has allowed the team at Phoenix Bonds to put together an “average” interest rate forecast for 2023.
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South Africa’s property sectors are feeling the negative effects of local and global economic growth. This coupled with higher inflation and interest rates than were expected in the first quarter, people are left wondering whether this is a good time to purchase property.
There’s a sense of uncertainty out there. Inflation is rising, interest rates have just been increased and share prices have dropped. Predictions of a possible recession are looming. It’s easy for purchasers looking to buy a property to get disheartened, but it’s more important to consider short-term market announcements in the context of long-term economic trends.
A lot of pitfalls present themselves when buying a home through a Home Loan credit facility. If you are not careful, you may find yourself facing serious financial implications.
Interest rates are just one of the eminent issues...
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