In 2019, being single, especially as a woman is no longer a taboo. In fact, many single people are making sound financial decisions as 56% of home buyers are single.
The number of single applicants who bought residential property through the Bank increased from 48% to 56% between 2016 and 2018.
Over the same period, single female buyers showed significant growth, surging from 22% to 28% while single male buyers recorded a 2% increase from 27% to 29%.
The consistent rise in the number of single home buyers indicates a greater level of awareness around property ownership as a worthy investment and asset. Based on the current trend, we’re likely to see more women property buyers than men in the next two years.
FNB’s data is consistent with a broader industry trend which was highlighted by the property research group, Lightstone, indicating that single women have been the biggest group of property buyers in South Africa, with almost 72,000 single women having purchased residential properties in 2018.
Wow! But what’s important to note though is that the growing purchasing trend of single home buyers shows that being single is not a deterrent to individuals who want to buy property.
The Bank’s provincial comparison shows that single home buyers continue to dominate the Gauteng and Western Cape Property markets. However, married couples continue to outweigh other buyer types in provinces such as the Eastern Cape and KwaZulu Natal.
Lesson learned? Property ownership remains a vital foundation on which socio-economic transformation can take place. The empowering impact of owning your own property should never be underestimated. Over and above, owning property represents a stable investment which will grow over time and serve as a wealth creation tool for you and your family for future generations to come.
Words: FNB Home Finance Chief Executive Lee Mhlongo