House price growth has fallen to its slowest rate in nearly four years, Standard Bank said on Friday.

According to the bank's residential property gauge, house price growth fell to 6.0 percent year-on-year last month — the lowest since December 2002.

House price growth has now been in single digit figures for the past three months, and is likely to remain constrained in the short-term.

"The residential property market continues to wane and the softening in the housing market corroborates the slowdown in the growth rates of other consumer activity indicators such as retail and car sales, which is expected to be aggravated by the moderate tightening in monetary policy," the bank's economist Elna Moolman said just before the weekend.

She added that interest rates are furthermore likely to be raised by 50 basis points twice before the end of the year.

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