Ooba says the decision today by the South African Reserve Bank to increase interest rates by 0.5% from 6.25% to 6.75% will negatively impact the residential housing markets as many consumers are already facing increasing financial strain through dealing with elevated levels of debt and the rising cost of living expenses.

The pressure that for some two years now has been felt by the South African consumer, although regrettable, could be having a beneficial effect in one respect.