Pay less for your house

Xolile Bhengu

Xolile Bhengu

House prices are falling.

The median property price in April was R530000, an 8,6percent drop from March's R550000, Standard Bank's mortgage data showed.

This follows the previous month's 5,2percent drop.

Standard Bank's Property Gauge uses the mid or median value of the home loans it has granted during a month.

Sizwe Nxedlana, Standard Bank's property economist, said the residential property market was going through a correction of high base or inflated pricing of house sales transacted before the introduction of the National Credit Act, which led to tougher restrictions on mortgage lending.