29 Jul 2008

Housing consents down

7:29 pm on 29 July 2008

The number of consents for new houses and apartments for June has fallen to the lowest monthly level in more than seven years.

Statistics New Zealand says the number of new permits fell by half to 1362 last month - a drop of 27% on the same month last year.

The agency says the number is the lowest since January 2001.

The number of houses being built has been falling since last year, and the latest figures come amid a slump in house sales and waning prices.

The value of consents issued in June for residential buildings was $455 million - half of what it was a year earlier.

Last week, the Reserve Bank cut the Official Cash Rate for the first time in five years, from 8.25% to 8%.