Household credit and mortgage balances growth remaining subdued

The value of outstanding credit balances in the South African household sector continued to show relatively low growth in the first nine months of 2017, rising by 3,3% year-on-year (y/y) to R1 522,6 billion.

Growth in outstanding household mortgage balances (R914,2 billion, with a share of 78,1% in total household secured credit balances and 68,5% in total private sector mortgage balances) remained in line with that since the start of the year, coming in at 3% y/y up to end-September.

Against the background of trends in and prospects for the economy, consumer finances and confidence, growth in household credit balances, including mortgage balances, is forecast to remain around current levels up to the end of the year.

Read more here: Absa Credit and mortgage advances (Sep 2017)