Cape Town steps up battle over tolls on N1, N2

The dispute between the City of Cape Town and the SA National Roads Agency Ltd (Sanral) over the creation of tolls on the N1 and N2 is heating up.

The city believes Sanral's claims that the municipality had not engaged with the minister of transport on time over the tolls are inaccurate.

The Absa House Price Index report has revealed a further improvement in home values in the middle segment of the South African housing market in July 2011.

Year-on-year growth in this segment improved further while in real terms, price deflation continued up to June this year.

There has been a significant relaxation in the deposit requirements by banks for home loans, according to mortgage originator ooba.

It attributed the relaxation in deposit requirements for the 3.7 percent increase in the average approved bond to R715 319 last month from R689 742 in April last year.

The average size of home loan deposits as a percentage of the purchase price decreased year on year by 39.6 percent to 13.1 percent or R108 164 last month from 21.7 percent or R191 302 a year ago.

There were more first time home buyers in the first quarter of 2011, indicating improved confidence in the property market, FNB Home Loans strategist John Loos said on Wednesday.

"The increase in first time buyer demand relative to the overall market demand is a good confidence indicator due to the greater degree of flexibility that an average first time buyer has in terms of timing his/her entry into the market," Loos said in a statement.