Real estate firm HassConsult is set to release its quarterly property index and mortgage report, which will review the last quarter of 2013. In the third quarter report, the indices showed asking prices dropped as builders wooed increasingly elusive buyers, signalling a possible price correction in the housing market. It showed residential property prices reduced by 1.5 per cent in the three months to end of September as asking prices for stand-alone homes and apartments dropped by 2.3 per cent and 0.8 per cent respectively. The mortgage report, released jointly with The Mortgage Company , showed potential buyers were locked out of the homes market by high financing costs as mortgage rates remained high at more than double the Central Bank Rate of 8.5 per cent. Only seven out of the 16 banks ranked in the report revised their mortgage rates downward, while three reviewed their rates upward in the third quarter. The remaining six kept their rates unmoved in the period. The lowest mortgage rate was 13.5 per cent at CFC Stanbic, while Consolidated Bank was the most expensive after increasing its rate by a percentage point to 18 per cent.
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