With the consistent rise in the private property (9%) and HDB resale market (15%), the Government has implemented new cooling measures to cool the market. The new cooling measure has included the changes in the current TDSR, which is from 60% down to 55%, lowering the Loan-To-Value (LTV) for HDB loan, which is from 90% down to 85%, and new changes to the Additional Buyer’s Stamp Duties (ABSD).
Despite the fact that house price-to-income ratios are being below historic average, there is a clear upward trend. Despite the COVID-19 situation, transaction volumes in the private housing sector and HDB resale sector have remained high amid the low interest rate environment. Prices could soar ahead of economic fundamentals if allowed unregulated, raising the potential of a destabilizing correction later. Borrowers would also be exposed if interest rates were to climb in the coming years.
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