Continued low growth in household credit and mortgage balances

Outstanding credit balances in the South African household sector increased by 3,3% year-on-year (y/y) to a level of R1 514,8 billion in the seven months up to the end of July 2017 on the back of trends in secured and unsecured credit balances.

Growth in outstanding household mortgage balances (R910,3 billion, with a share of 78,2% in total household secured credit balances and 68,8% in total private sector mortgage balances) was largely stable 3,0 y/y up to end-July.

Due to consumer financial strain and a low level of confidence, growth in household credit balances, including mortgage balances, is forecast to remain subdued in the rest of 2017.

Read more here: Credit and mortgage advances (Jul 2017)