More single women than men filed for bonds in 2023, to purchase their own houses.
Many of these lone female shoppers were young black women under the age of 40.
This is according to Bradd Bendall, the interim chief executive and head of sales of BetterBond.
“This shows that when it comes to buying property, women are proving to be formidable drivers of market activity,” Bendall said.
“Given the opportunity, and equipped with the expertise they need to make decisions that best fit their needs, women buyers have the buying power to take the residential property market by storm.”
According to BetterBond's data for 2023, the number of solitary women who secured loans outnumbers lone men.
This echoes Lightstone’s past study, which found that between 2015 and 2020, more women purchased property on their own than men or married couples.
Four years later, and with Statistics SA (Stats SA) reporting that over 43% of South African households are now led by women, the ratio of lone female purchasers will definitely have climbed.
Women now possess at least 60% of the country’s residential housing stock.
“Our data also supports Lightstone’s findings that most of the women buyers are between the ages of 36 and 49, although we are seeing a growing number of younger women taking the leap to invest in property,” added Bendall.
“From our bond application volumes, it’s evident that younger black women are taking their independence into their own hands and buying property as soon as they have the financial means to apply for a bond. This is encouraging, as it challenges the notion that women can’t, or should not, buy property on their own.”
There are several options for single women to purchase their own houses, but the most critical step is to apply for bond pre-approval so that they can determine what they can afford upfront.
There is no reason for women to hesitate when it comes to investing in property. Another option for women buyers is to invest in a new developments where transfer duties are not applicable.
South Africa’s main banks also offer a range of loan products, including loans of up to 110% for young professionals under the age of 30. The fact that more women are taking their financial security into their own hands and choosing to invest in their own homes bodes well for wealth creation.
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