Stable growth in household credit and mortgage balances

Growth in the value of outstanding credit balances in the South African household sector was unchanged at 4,8% year-on-year  at the end of August 2018 compared with end-July, with these balances amounting to a total of R1 593,2 billion at the end of the first eight months of the year.

Growth in outstanding household mortgage balances (R946,7 billion, with a share of 77,8% in total household secured credit balances and 68,3% in total private sector mortgage balances) was unchanged at 3,7% year-on-year at end-August compared with end-July.

Growth in household credit balances, including mortgage balances, are forecast to remain much in line with the current level of growth up to the end of 2018, driven by trends in and prospects for the economy, household finances and consumer confidence.

Read more here: Absa Credit and Mortgage Advances – August 2018