The FNB House Price Index reached double-digit deflation in April, declining year-on-year -10.2%, representing a deterioration on the revised -7.9% rate of year-on-year decline recorded for March, the latest FNB house price index shows.

This was the fifth consecutive month of year-on-year decline in the house price index.

On a month-on-month basis, the rate of deflation was -3% in April.

'The further deflation in April implies that the FNB average house price level (674,885 rand for April 2009) has receded back to a level more-or-less equal to the average price recorded in December 2006 (674,669 rand),' said FNB property strategist John Loos.

The Times (Johannesburg), Mail & Guardian