The FNB House Price Index was relatively flat at 3.8% year-on-year in March, versus 3.7% year-on-year in the previous month. This takes the first quarter nominal house price growth to 3.8% year-on-year, slightly softer compared to the fourth quarter of 2018 (4.1%), but much stronger compared to first quarter of 2018 (3.2%).
This means that house price appreciation still languishes below inflation, reflective of the enduring pressure on household incomes amid a depressed macro-economic environment.
