House price growth in South Africa slowed on an annual basis to 1.9% in May from 2.1% in April, according to FNB's latest monthly Property Barometer. This was its lowest level since June of 2020, when the economy was buckling under the weight of Covid-triggered lockdowns.

Now is not a great time to be an estate agent in South Africa. The number of Sundays spent putting up "Open House" signs for the same home is growing, while growth in the prices fetched is slowing.

"The FNB House Price Index's annual growth decreased in May, averaging 1.9% year-on-year, down from 2.1% in April," FNB said in its latest monthly Property Barometer published on Wednesday. And the April figure was revised down from 2.7% previously, so further number crunching could yet yield a lower number for May.

This was the slowest growth since the 1.7% annual average recorded in June 2020, during the early throes of the Covid-19 pandemic -- a stark indicator of how depressed the housing market has become.

Inflation in May was running at 6.3%, so among other things, this highlights asset depreciation. For many middle-class and more affluent South Africans, a house is a key asset and at the moment, home ownership is generally not creating wealth.

The unfolding cost-of-living crisis and strained household budgets against the backdrop of rising interest rates and still elevated if slowing rates of inflation are the main factors at play here. Consumer confidence on the property front is...