16 Oct 2008

Building developments halted

9:13 pm on 16 October 2008

Troubles in the housing industry have brought building developments to a halt in many areas.

Wellington City Council says some projects on the edge of the city have slowed and some have halted completely.

The Property Council says some big projects in Auckland which have received consent have not proceeded further - mainly because of the difficulty in raising capital.

The number of building consents issued is down 42% since mid-2007.

The sector has been hit by the bursting of the price bubble and shortage of credit.