# Research: South African Youth Housing Market — First-Time Buyer Lockout, Supply/Demand, Deposit Requirements ## Summary South African youth face a structural lockout from homeownership driven by the intersection of stagnant real wages, a severe interest rate hiking cycle (2021–2023), and house prices that continued rising through the downturn. The average first-time buyer age has risen from 33 to 37, under-35s' share of property transactions has fallen from 47% (2000) to 30% (2025), and 72% of Gen Z South Africans have no credit history. While 2024–2025 rate cuts (150 bps total) have begun easing conditions — with approval rates above 80% and first-time buyer deposits declining — affordability remains the central barrier. ## Findings ### FNB House Price Index — Annual and Monthly Data (2001–2025) - **Source:** FNB Economics (Property Barometer, January 2025) - **URL:** https://everythingproperty.co.za/wp-content/uploads/2025/03/FNB-Residential-Property-Barometer-January-2025.pdf - **Published:** 2025-02-27 - **Validity:** Institutional report - **Summary:** FNB's repeat-sales House Price Index provides the longest continuous house price benchmark in South Africa. The full monthly HPI table from 2001 to January 2025 shows the pandemic boom, the post-2022 correction, and the early-2025 recovery. House price growth collapsed from 7.8% y/y in early 2021 to 0.5% y/y by mid-2024, before recovering to 4.7% y/y by November 2025. - **Key data points (time-referenced):** - 2020 (July): FNB HPI at 2.2% y/y (pandemic low point, before stimulus-driven recovery) - 2021 (March): FNB HPI at 7.1% y/y (pandemic boom peak approaching) - 2023 (August): FNB HPI at 0.8% y/y (near-trough during peak interest rates) - 2024 (June): FNB HPI at 0.5% y/y (cycle low) - 2024 (annual average): FNB HPI averaged 0.8% for the full year, down from 1.5% in 2023 - 2025 (January): FNB HPI at 1.2% y/y (highest since June 2023) - 2025 (August): FNB HPI at 4.5% y/y (fastest growth in over three years, per FNB Property Barometer August 2025) - 2025 (November): FNB HPI at 4.7% y/y (decelerating from 5.0% revised in October) ### FNB Estate Agents Survey — First-Time Buyer Participation (4Q 2024) - **Source:** FNB Economics - **URL:** https://everythingproperty.co.za/wp-content/uploads/2025/03/FNB-Residential-Property-Barometer-January-2025.pdf - **Published:** 2025-02-27 - **Validity:** Institutional report - **Summary:** FNB's 4Q24 Estate Agents Survey shows first-time buyer participation rising from 20% to 25% of total market activity, with a 39% share in the Affordable segment. However, this remains below 2022 levels (~30%), when the interest rate hiking cycle began. The survey also notes a shift away from unsecured credit for deposits toward personal savings, partly driven by the "two-pot" retirement system. - **Key data points (time-referenced):** - 2024 (4Q): First-time buyers = 25% of total market activity (up from 20% in 3Q24) - 2024 (4Q): First-time buyers = 39% of Affordable segment market activity - 2022 (approx.): First-time buyers = ~30% of total market activity (pre-hiking cycle peak) - 2024 (4Q): Buy-to-let purchases increased from 8% to 12% of market activity; 30% of Affordable segment purchases were for investment ### ooba oobarometer Q1 2026 — First-Time Buyer Comeback - **Source:** ooba Home Loans - **URL:** https://www.ooba.co.za/resources/oobarometer/ - **Published:** 2026-Q1 (approximately 2026-04) - **Validity:** Institutional report - **Summary:** ooba's Q1 2026 data shows first-time homebuyers accounted for 48% of all applications (up from 46.5% a year earlier), with application volumes up 15.9% and values up 30.4% from the Q4 2023 low. The overall approval rate was 84%, with average deposits at 12.8% of purchase price for all buyers and 8.2% for first-time buyers — down from 9.6% a year earlier. Zero-deposit (100%) home loans reached 60.2% of first-time buyer applications, and cost-inclusive loans grew from 0.49% (2016) to nearly 16% (early 2026). - **Key data points (time-referenced):** - 2026 (Q1): First-time buyers = 48% of all ooba applications (up from 46.5% in Q1 2025) - 2026 (Q1): Average deposit for all buyers = 12.8% of purchase price (R221,937), down from 15.4% a year earlier - 2026 (Q1): Average first-time buyer deposit = 8.2% (R103,842), down from 9.6% in Q1 2025 - 2026 (Q1): Overall approval rate = 84%; 45.5% of applications declined by one bank but approved by another - 2026 (Q1): 100% (zero-deposit) home loans = 60.2% of first-time buyer applications - 2016: Cost-inclusive home loans = 0.49% of first-time buyer applications - 2026 (Q1): Cost-inclusive home loans = ~16% of first-time buyer applications - 2026 (Q1): Average purchase price growth = 4.7% y/y; first-time buyer price growth = 1.5% y/y ### ooba Q2 2025 Data — Deposit Trends and Affordability - **Source:** ooba Home Loans (via Citizen/Network News) - **URL:** https://www.citizen.co.za/network-news/homes/2025/08/01/lower-borrowing-costs-open-doors-for-homebuyers/ - **Published:** 2025-08-01 - **Validity:** Institutional report - **Summary:** ooba's Q2 2025 oobarometer shows application volumes up 11% y/y and total application values up 18.5%. The average property purchase price was R1,695,257 (up 3.9% y/y), with the average homebuyer now aged 40. First-time buyers averaged age 35, spending R1,239,413 (up 3.5% y/y). Deposits drifted lower to R239,545 (14.1% of purchase price). 59% of first-time buyers purchased with zero deposit, and 10.5% secured cost-inclusive financing. The approval rate for 100%+ LTV loans was 80.8%. - **Key data points (time-referenced):** - 2025 (Q2): Average property purchase price = R1,695,257 (up 3.9% y/y) - 2025 (Q2): Average homebuyer age = 40 (one year older y/y) - 2025 (Q2): Average first-time buyer age = 35 (unchanged y/y) - 2025 (Q2): Average first-time buyer purchase price = R1,239,413 (up 3.5% y/y) - 2025 (Q2): Average deposit = R239,545 (14.1% of purchase price, down 13.5% y/y) - 2025 (Q2): 59% of first-time buyers used zero-deposit (100%) home loans - 2025 (Q2): Approval rate for 100%+ LTV loans = 80.8% (down from 81.7% in Q2 2024) - 2025 (Q2): Western Cape average deposit = 20.3% of purchase price (highest); Mpumalanga = 7.9% (lowest) ### ooba Q3 2024 Data — Early Resurgence in First-Time Homebuyers - **Source:** ooba Home Loans (via Citizen/Network News) - **URL:** https://www.citizen.co.za/network-news/homes/2024/11/07/latest-home-loan-data-shows-early-resurgence-in-first-time-homebuyers/ - **Published:** 2024-11-07 - **Validity:** Institutional report - **Summary:** ooba's Q3 2024 data captures the first response to interest rate cuts, with first-time buyers accounting for 48% of quarterly applications (51% in September alone). The average first-time buyer purchase price was R1,155,056 (up 3.4% y/y), with deposits declining 2.9% y/y to R114,161 (9.9% of the average loan). Zero-deposit bonds had tapered from 67.5% (June 2020) to 54.7%. Pre-qualified first-time buyers had a 90.5% approval rate vs. 74.5% for non-pre-qualified. - **Key data points (time-referenced):** - 2024 (Q3): First-time buyers = 48% of ooba applications (51% in September 2024 alone) - 2024 (Q3): Average first-time buyer purchase price = R1,155,056 (up 3.4% y/y) - 2024 (Q3): Average first-time buyer deposit = R114,161 (9.9% of average loan, down 2.9% y/y) - 2020 (June): Zero-deposit (100%) bond applications = 67.5% of first-time buyer applications - 2024 (Q3): Zero-deposit bond applications = 54.7% of first-time buyer applications - 2024 (Q3): Pre-qualified first-time buyer approval rate = 90.5%; non-pre-qualified = 74.5% - 2024 (Q3): Overall approval rate = 82.8% (marginally down 0.5% y/y) ### Lightstone — Young South Africans Buying Fewer Houses - **Source:** Lightstone Property - **URL:** https://corporate.lightstone.co.za/result/Articles/Young-South-Africans-Buying-Fewer-Houses-15476 - **Published:** 2024-05-01 - **Validity:** Institutional report - **Summary:** Lightstone data shows under-35s are buying fewer but more expensive houses, with the decline in volumes proportionally sharper than the overall market. Purchases by 26-35 year-olds fell 25% from 92,558 (2018) to 69,577 (2023), while total transfers fell only 13%. The 26-35 age group's share of total purchases dropped from 31% to 27%. First-time buyers accounted for 70-71% of under-35 purchases. - **Key data points (time-referenced):** - 2018: Purchases by 26-35 year-olds = 92,558 (31% of total purchases) - 2023: Purchases by 26-35 year-olds = 69,577 (27% of total purchases), a 25% decline - 2018: Under-25 purchases = 11,480 - 2023: Under-25 purchases = 8,977 - 2018: Total transfers = 294,859 - 2023: Total transfers = 255,726 (13% decline) - 2018: 29% of under-35 buyers paid R1m-R3m; 34% paid R250k-R500k - 2023: 36% of under-35 buyers paid R1m-R3m; 25% paid R250k-R500k - 2023-2024: First-time buyers = 70-71% of under-35 market ### Lightstone — Profile of Young Buyers Change but Numbers Fall - **Source:** Lightstone Property - **URL:** https://corporate.lightstone.co.za/result/Articles/24342?DateFormat=MMM+yyyy - **Published:** 2026-06 - **Validity:** Institutional report - **Summary:** Over 20 years, black buyers under-35 have more than doubled while white under-35 buyers dropped by a third. Despite this demographic shift, under-35s made up just 7% of property owners in 2025 despite accounting for 37% of the population. Property owners over-50 held 68% of properties while making up 29% of the population. Lightstone's MD noted the affordable housing gap and title deeds backlog as structural barriers. - **Key data points (time-referenced):** - 2025: Under-35s = 7% of property owners but 37% of population - 2025: Over-50s = 68% of properties owned but 29% of population - 2005–2025: Black under-35 buyers more than doubled; white under-35 buyers dropped by a third - 2025: By current trends, black under-35 buyers will shortly outnumber white under-35 buyers ### Lightstone — Less Homes Sold, and Buyers Are Older - **Source:** Lightstone Property - **URL:** https://corporate.lightstone.co.za/result/Articles/Less-homes-sold,-and-buyers-are-older-21223 - **Published:** 2025-10-31 - **Validity:** Institutional report - **Summary:** Lightstone's long-run analysis shows under-35 buyers dropped from 47% of transactions (2000) to 30% (2025). In absolute terms, under-35 buyers fell from 80,000+ (2000) to 53,000 (2024). Buyers aged 35-60 increased from ~50% (2000) to 70% (2025) of transactions, and over-60s doubled their share. Under-35 buyers now pay 20% less than the 35-60 benchmark (vs. 12% less in 2000), while over-60s pay a 15% premium. - **Key data points (time-referenced):** - 2000: Under-35 buyers = ~47% of transactions (~80,000+ transactions) - 2024: Under-35 buyers = ~30% of transactions (~53,000 transactions) - 2000: Under-35 buyers paid 12% less than 35-60 benchmark - 2025: Under-35 buyers paid 20% less than 35-60 benchmark - 2000: Over-60 buyers = ~minority share; 2025: Over-60 buyers doubled their share over 25 years - 2025: 35-60 year-olds = ~70% of transactions (up from ~50% in 2000) ### BetterBond / Daily News — First-Time Buyer Age Soars to 37 - **Source:** BetterBond (via Daily News / IOL) - **URL:** https://dailynews.co.za/property/residential/2025-04-01-crisis-young-south-africans-cant-afford-homes-as-first-time-buyer-age-soars-to-37/ - **Published:** 2025-04-01 - **Validity:** Major media - **Summary:** BetterBond's national head of sales Bradd Bendall confirmed the average first-time buyer age rose to 37 from 33 a few years prior. The article cites that only 15.8% of South Africans' take-home pay is sufficient to afford a R1.3 million property. Absa reported first-time buyers contributed more than half of their 2024 application volume, with solo female buyers making up about half of total applications. Properties under R1 million accounted for ~42% of BetterBond's bonds processed. - **Key data points (time-referenced):** - 2025 (April): Average first-time buyer age = 37 (up from 33 a few years prior) - 2025: Only 15.8% of South Africans' take-home pay sufficient to afford a R1.3 million property - 2024: First-time buyers = more than 50% of Absa Home Loans application volume (per Nondumiso Ncapai, Absa) - 2024: Solo female buyers = ~50% of Absa total applications - 2025: Properties under R1 million = ~42% of BetterBond bonds processed ### BetterBond Property Brief October 2025 — Record Prices, Declining Deposits - **Source:** BetterBond - **URL:** https://www.betterbond.co.za/learn/property-brief-october-2025/ - **Published:** 2025-10 - **Validity:** Institutional report - **Summary:** BetterBond's October 2025 brief shows home loan applications up 14.6% y/y (highest since early 2022), with average home prices at a record R1.6 million and first-time buyer prices at R1.3 million. First-time buyer deposits are 15% below the prior year's peak. Average household income for homebuyers reached R95,000 in September 2025, up 9% y/y. Over six years, average home prices have climbed 10.7%. - **Key data points (time-referenced):** - 2025 (Q3): BetterBond home loan applications up 14.6% y/y and 11.6% q/q (highest since early 2022) - 2025 (October): Average home purchase price = R1.6 million (record high) - 2025 (October): Average first-time buyer price = R1.3 million (record high) - 2025: First-time buyer deposits = 15% below prior year's peak - 2025 (September): Average household income (homebuyers) = R95,000 (up 9% y/y) - 2019–2025 (six years): Average home prices climbed 10.7% ### BetterBond Property Brief December 2025 — Deposit Decline Accelerates - **Source:** BetterBond - **URL:** https://www.betterbond.co.za/learn/property-brief-december-2025/ - **Published:** 2025-12 - **Validity:** Institutional report - **Summary:** BetterBond's December 2025 brief shows home loan applications up 23.5% since Q3 2023, with the index 16% higher y/y. First-time buyer deposits dropped 20% y/y and 13% q/q. Average home prices remain stable at R1.63 million, while first-time buyer prices dipped slightly to R1.3 million. The 150 bps of cumulative rate cuts since September 2024 is cited as the key driver of improved affordability. - **Key data points (time-referenced):** - 2025 (December): Home loan applications up 23.5% since Q3 2023; index up 16% y/y - 2025 (Q4): First-time buyer deposits down 20% y/y and 13% q/q - 2025 (Q4): Average home price = R1.63 million (stable); first-time buyer price = R1.3 million (slight q/q decline) - 2024 (September)–2025: SARB delivered 150 basis points of cumulative rate cuts ### BetterBond Property Brief May 2025 — Deposit and Regional Data - **Source:** BetterBond - **URL:** https://www.betterbond.co.za/learn/property-brief-may-2025-2/ - **Published:** 2025-05 - **Validity:** Institutional report - **Summary:** BetterBond's May 2025 brief shows the home loan application index up 2.2% y/y (12 months to April 2025), recovering from a 15% decline a year earlier. Average home price was R1.6 million, with first-time buyer prices at R1.28 million. The average first-time buyer deposit dropped nearly 9% y/y to R175,000. The Eastern Cape led approval ratios at 83.9%. Building activity diverged sharply: Western Cape residential completions up 24%, Gauteng down 30%. - **Key data points (time-referenced):** - 2025 (April, 12 months to): BetterBond home loan application index up 2.2% y/y (recovering from -15% a year earlier) - 2025 (April): Average home purchase price = R1.6 million; first-time buyer price = R1.28 million - 2025 (April): Average first-time buyer deposit = R175,000 (down ~9% y/y) - 2025: Eastern Cape approval ratio = 83.9% (highest nationally) - 2025: Western Cape residential completions up 24%; Gauteng down 30% ### SARB Repo Rate and Prime Rate History (2020–2026) - **Source:** Rateweb (compiled from SARB MPC announcements) - **URL:** https://www.rateweb.co.za/prime-rate-history - **Published:** 2026-05 (last updated) - **Validity:** Official statistics (compiled from SARB) - **Summary:** The SARB repo rate went from 6.25% pre-pandemic to a historic low of 3.50% (prime 7.00%) in July 2020, then was hiked aggressively by 475 bps to 8.25% (prime 11.75%) by May 2023. The cutting cycle began in September 2024, delivering 150 bps of cuts to 6.75% (prime 10.25%) by November 2025. On a R1 million bond over 20 years, the peak prime rate of 11.75% cost ~R10,837/month vs. ~R9,984 at prime 10.50% — a R853 monthly difference. - **Key data points (time-referenced):** - 2020 (January): Repo = 6.25%, Prime = 9.75% - 2020 (July): Repo = 3.50%, Prime = 7.00% (historic low, COVID-19 cuts) - 2021 (November): First hike — Repo = 3.75%, Prime = 7.25% - 2022 (November): Repo = 7.00%, Prime = 10.50% (after three 75 bp hikes) - 2023 (May): Repo = 8.25%, Prime = 11.75% (cycle peak) - 2024 (September): First cut — Repo = 8.00%, Prime = 11.50% - 2025 (November): Repo = 6.75%, Prime = 10.25% (after 150 bps of cuts) - 2026 (May): Repo = 7.00%, Prime = 10.50% (rate hiked 25 bp) ### Generational Home Affordability — 1966 vs 2025 - **Source:** African News Agency / IOL (citing Lightstone and BetterBond data) - **URL:** https://africannewsagency.com/generational-home-affordability-why-the-20-year-old-today-is-locked-out/ - **Published:** 2026-01-30 - **Validity:** Major media - **Summary:** A generational comparison shows in 1966 a typical home cost R9,500, requiring ~R231/month income at 7.5% prime. In 2024-2025, a R1.5 million home at 10.25% prime requires ~R52,830/month income (R633,960/year) — more than double the inflation-adjusted 1966 equivalent of R7,931/month. BetterBond's January 2026 data shows first-time buyer prices at R1.3 million with average deposits of R150,000 (down 15% y/y but still 30% above early-2021 levels). The median first-time buyer age is now 38-40 (vs. 23-25 in the 1960s). - **Key data points (time-referenced):** - 1966: Typical home cost = R9,500; required income = ~R231/month at 7.5% prime - 1966 (inflation-adjusted to 2025): Equivalent income = ~R285,516/year; equivalent monthly repayment = ~R7,931 - 2024-2025: R1.5 million home at 10.25% prime requires ~R52,830/month income (R633,960/year) - 2024: Young adults aged 20-35 accounted for ~30% of all property transactions (Lightstone); 17% paid R1m-R1.5m - 2026 (January): BetterBond first-time buyer average price = ~R1.3 million (record) - 2026 (January, Q4 2025): Average first-time buyer deposit = R150,000 (down 5.6% q/q, down 15% y/y) - 2021 (early) vs 2025: Average first-time buyer deposit still 30% above early-2021 levels - 1960s: Average first-time buyer age = 23-25; 2024-2025: Median first-time buyer age = 38-40 ### IOL / Cape Times — SA Youth Enters Housing Market Under Mounting Financial Pressure - **Source:** IOL / Cape Times (citing TransUnion SA, National Debt Counsellors) - **URL:** https://iol.co.za/business/property/2026-06-19-sa-youth-enters-the-housing-market-under-mounting-financial-pressure/ - **Published:** 2026-06-19 - **Validity:** Major media - **Summary:** TransUnion SA's Q1 2026 Consumer Pulse Study shows younger consumers remain credit-active but face a slower transition from credit participation to asset ownership. Barriers have shifted from cyclical to structural — driven by affordability constraints, tighter lending conditions, and slower income growth. According to industry data cited by the National Debt Counsellors, 72% of Gen Z South Africans have no credit history, and under-24s make up just 0.5% of the credit market. - **Key data points (time-referenced):** - 2026 (Q1): TransUnion CPS shows many consumers expect difficulty meeting financial obligations - 2026: 72% of Gen Z South Africans have no credit history (per National Debt Counsellors / industry data) - 2026: Under-24s = 0.5% of South Africa's credit market - 2011 (approx., 15 years prior): Barriers were cyclical; 2026: Barriers are structural ### IOL Business Report — Demand Outstrips Supply, Under-35s Struggle - **Source:** IOL Business Report (citing SA Corporate Real Estate) - **URL:** https://iol.co.za/business-report/companies/2026-03-13-young-south-africans-face-challenges-in-home-ownership-as-demand-outstrips-supply/ - **Published:** 2026-03-13 - **Validity:** Major media - **Summary:** SA Corporate Real Estate CEO Rory Mackey cited data showing the first-time buyer age rose to 37 (from 33), and the average age of the first affordable residential property purchase increased to 44 in 2025 (from 35 in 2015). About 40% of new home loan enquiries come from under-35s, but few convert to purchases. NHBRC enrolments for non-subsidy and subsidy housing remain 21% and 29% below pre-Covid levels respectively, indicating sluggish new supply. - **Key data points (time-referenced):** - 2025: First-time buyer age = 37 (up from 33 a few years prior) - 2015: Average age of first affordable residential property purchase = 35 - 2025: Average age of first affordable residential property purchase = 44 - 2025: ~40% of new home loan enquiries from under-35s, but few convert to purchases - 2025: NHBRC non-subsidy enrolments = 21% below pre-Covid levels - 2025: NHBRC subsidy enrolments = 29% below pre-Covid levels - 2025: Average homebuyer age in the US = 40 (up from 33 five years ago) ## Sources - **Kept:** FNB Property Barometer January 2025 PDF (everythingproperty.co.za) — Full monthly HPI table 2001–2025; first-time buyer participation data from Estate Agents Survey - **Kept:** FNB Property Barometer August & November 2025 (fnb.co.za blog / search snippets) — HPI recovery to 4.5–5.0% y/y in late 2025 - **Kept:** ooba oobarometer Q1 2026 (ooba.co.za) — Comprehensive first-time buyer data: deposits, approval rates, zero-deposit share, cost-inclusive loan growth - **Kept:** ooba Q2 2025 via Citizen/Network News (citizen.co.za) — Deposit trends, age data, regional price breakdowns - **Kept:** ooba Q3 2024 via Citizen/Network News (citizen.co.za) — First rate-cut response, zero-deposit trend from 2020 peak, pre-qualification approval rates - **Kept:** Lightstone "Young South Africans Buying Fewer Houses" (corporate.lightstone.co.za) — Under-35 purchase volumes 2018 vs 2023, price band shifts - **Kept:** Lightstone "Profile of young buyers change but numbers fall" (corporate.lightstone.co.za) — Under-35 as 7% of owners vs 37% of population, race demographics - **Kept:** Lightstone "Less homes sold, and buyers are older" (corporate.lightstone.co.za) — 25-year buyer age trend, under-35 share from 47% to 30% - **Kept:** BetterBond via Daily News (dailynews.co.za) — First-time buyer age 37, 15.8% affordability stat, Absa application split - **Kept:** BetterBond Property Brief October 2025 (betterbond.co.za) — Record prices, deposit decline, household income data - **Kept:** BetterBond Property Brief December 2025 (betterbond.co.za) — FTB deposits down 20% y/y, application recovery - **Kept:** BetterBond Property Brief May 2025 (betterbond.co.za) — FTB deposit R175,000, regional building divergence - **Kept:** Rateweb prime rate history (rateweb.co.za) — Complete SARB repo/prime rate table 2001–2026, compiled from MPC announcements - **Kept:** African News Agency / IOL generational affordability (africannewsagency.com) — 1966 vs 2025 comparison, deposit trends vs 2021, median first-time buyer age 38-40 - **Kept:** IOL/Cape Times seed article (iol.co.za) — TransUnion CPS Q1 2026, 72% Gen Z no credit history - **Kept:** IOL Business Report seed article (iol.co.za) — SA Corporate Real Estate data, NHBRC supply shortfall - **Dropped:** Statbase OECD price-to-income ratio (statbase.org) — Data source unclear, could not verify methodology; OECD data for South Africa is limited - **Dropped:** Stats SA QES media releases — Fetched but did not contain youth-specific average earnings; QES reports aggregate formal-sector earnings, not age-disaggregated - **Dropped:** News24 wages article (news24.com) — Behind paywall; snippet mentioned internship salaries R6,000-R9,000/month but could not verify full content ## Gaps 1. **Youth-specific income data:** Stats SA's QES provides aggregate formal-sector average monthly earnings (~R27,872/month in Q4 2024, derived from basic wages / employment) but does not break this down by age. The ooba/BetterBond homebuyer income figures (~R95,000/month in Sept 2025) reflect existing buyers, not youth aspirants. Internship salaries of R6,000-R9,000/month were mentioned in a News24 article but could not be fully verified. 2. **Historical first-time buyer deposit time series (pre-2020):** ooba's zero-deposit data goes back to June 2020 (67.5%), and BetterBond's deposit data references early 2021 as a baseline. A continuous time series of average first-time buyer deposit percentages from 2015 to 2025 could not be assembled from a single source — the data is fragmented across quarterly reports. 3. **FNB HPI by price segment:** The FNB HPI is a national repeat-sales index. Segment-specific HPI data (e.g., for affordable/entry-level properties most relevant to youth) was referenced qualitatively ("lower-priced segments continue to perform better") but specific index values by segment were not available in the fetched reports. 4. **Western Cape vs rest-of-country divergence:** Multiple sources note the Western Cape's outperformance (prices, volumes, building activity) but a comprehensive time series of regional house price indices was not fully assembled.