Uptick in household credit and mortgage balances growth

The value of outstanding credit balances in the South African household sector increased by 5,1% year-on-year to R1 599,9 billion up to the end of September 2018 from growth of 4,8% year-on-year at end-August. Growth in outstanding household mortgage balances (R949,6 billion, with a share of 77,6% in total household secured credit balances and 68,2% in total private sector mortgage balances) increased to 3,9% year-on-year from 3,7% year-on-year at end-August.

Growth in household credit balances, including mortgage balances, are forecast to remain much in line with current growth up to the end of the year and into 2019 on the back of trends in trends in and prospects for the economy, household finances and consumer confidence.

Read more here: Absa – Credit & Mortgage Advances – September 2018