Crunch costs jobs as house sales slump

A SLOWING property market has claimed its most high-profile victim so far – the new Martel Maides branch on the Bridge.

Opened just seven weeks ago, the office has now closed its doors because of the effects of the credit crunch. Two members of staff will lose their jobs as a result. According to figures released yesterday, local and open market transactions for September were down from 105 in 2007 to just 59 this year.

Martel Maides' Town branch remains open and director Nick Renny said closure of its second office had been a tough business decision, but it was a sign of current market conditions.

'I want to be very clear that it is the quantity of sales that is affecting property-related businesses in nervous economic conditions. Where sales are taking place, house prices have so far been holding up well. The market is relatively robust and history shows that, given time, it will recover.'