The value of outstanding credit balances in the South African household sector, amounting to R1 548,9 billion at the end of January 2018, showed growth of 3,7% year-on-year over the 12-month period. Year-on-year growth in both secured and unsecured credit balances was in January marginally down on that of December 2017.
Growth in outstanding household mortgage balances (R925,1 billion, with a share of 77,9% in total household secured credit balances and 68,4% in total private sector mortgage balances) was unchanged at 3,5% year-on-year up to end-January from end-December.
Growth in total household credit balances and its sub-component of mortgage balances is forecast to remain in single-digit territory in 2018 on the back of trends in and the outlook for the economy, household finances and consumer confidence.
Read more here: Absa – Credit & Mortgage Advances – January 2018
