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Housebuilder Bellway announced writedowns of 拢130.9m as it reported a 29% profit slump in its full-year results.

The writedown, which is equivalent to about 8% of the company鈥檚 stock, comes amid the UK鈥檚 worst housing crash for a quarter of a century.

The firm said pre-tax profit, excluding exceptionals, fell to 拢165.7m for the year ended 31 July, down from 拢234.8m in 2007. Net profit fell 84% to 拢27m.

Turnover was 拢1.2bn, down from 拢1.4bn last year.

Bellway, which said it had 鈥渘ever witnessed such a swift change in the housing market鈥�, sold 6,556 homes in the year, compared with 7,638 in 2007. The average price of its homes fell to 拢169,700, down from 拢173,300 last year.

The firm said its order book stood at 拢342m, 50% of which was work for housing associations.

Chairman Howard Dawe said: 鈥淭he current state of the housing and mortgage markets has been well documented and the speed of the deterioration is unprecedented.

鈥淭he Board has a clear strategy, aimed primarily at conserving cash and reducing the cost base, while maintaining the essential operational fabric and protecting shareholder value so that growth may commence when the market returns to more normal conditions.鈥�