The latest FNB Residential Property Barometer revealed that while some positive signs are starting to emerge in the South African housing market, the global economic crisis keeps the 2009 outlook uncertain.

The overall indicator of the FNB Residential Property Barometer has shown a positive shift, rising from 4.1 in the third quarter of 2008 to 4.6 in the fourth quarter.

"Seasonality may have played a role in the slight increase in Q4 2008 activity level. However, some of the headline trends where seasonality doesn’t play as much of a role also showed a quarterly improvement," said John Loos, property strategist at FNB Home Loans.

The Times (Johannesburg)