Since Q3 2009, there was loss of ownership in 8,195 cases: 5,473 properties were surrendered voluntarily and 2,722 were repossessed through court order. The CCMA requires a lender to make every reasonable effort to come to a restructuring arrangement with borrowers. Without this key element of the code, the number of properties lost would have been considerably higher.
This is an encouraging development as one of the primary goals of our Pandemic Emergency Purchase Programme – the PEPP – is to counter the downward impact of the pandemic on the path of inflation. If these developments are to continue, I am confident that the pre-pandemic inflation gap in our macroeconomic projections will close by the end of this year.