January is the third successive month to show a year-on-year increase in house prices after almost a decade.
FNB’s House Price Index has shown a further acceleration in year-on-year inflation.
This is from a revised 2.3 percent in December 2009 to 3.1 percent in January 2010.
FNB’s John Loos said, ”Things are certainly going in the right direction slowly, but having said that it’s not a fantastic picture yet. If you compare that to CPI inflation which is 6.3, that translates into real house price deflations.”
(Edited by Deshnee Subramany)