VAAL TRIANGLE - Real estate company Lightstone has revealed homeowners are grappling with the impact of rising interest rates as distressed house sales soar. The number of property owners selling within two-years of purchase has surged to 3.7% from 2% in May of the previous year. BusinessTech suggests buyers who capitalised on low interest rates during Covid-19 are now facing challenges in meeting mortgage repayments as interest rates return to normal levels. The volume of residential purchases by individuals plummeted by 50%, and the number of buyers bonding their properties drops from 60 to 40%.
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