The year-on-year decline in the FNB House Price Index continued in March at a rate of -7.8%, much as expected, from a February revised rate of -6.2%, the latest FNB house price index released on Wednesday revealed.

This was despite the FNB Residential Property Barometer already having shown some improvement in residential demand since late 2008, and is believed to be the result of a significant oversupply of stock still prevalent in the market.

The Times (Johannesburg)