Housing market slumps

6:09 am on 14 September 2010

The Real Estate Institute says the number of residential properties on the market in Christchurch has slumped following the earthquake.

It says 25%, or about 250, of the houses that were on the market prior to the quake on 4 September, have now been withdrawn.

Christchurch director David Rankin says the majority of the houses taken off the market, were damaged in the quake.

He says property sales are likely to slow for some time.

Mr Rankin says settlements due to take effect last week were put on hold to allow for problems surrounding insurance and bank security to be sorted out.