House prices are continuing to decline, due to a sizeable oversupply that has built up in the residential market, FNB said on Monday.

Its latest house price index continued to decline in May to -11,3% year-on-year, it said in a statement.

This represented a deterioration on the revised -9,2% rate of year-on-year decline recorded for April.

It was also the sixth consecutive month of year-on-year decline in the house price index, FNB said.

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