The start of the results season has provided further confirmation of deteriorating conditions in the housing market, with transactions and forward sales hammered and margins and dividends consequently squashed. Bellway reported a 45% year-on-year fall in reservations during the second half of its financial year to July 31, with completions down 14.2% and the average selling price reduced by more than £4,000 to £169,000, largely as a result of increased sales to housing associations. <br><br>The group reported this performance “satisfactory” in the context of current conditions. Persimmon was harder hit, as pre-tax profits fell by 64% to £100.9 million during the six months to June 20, and it was forced to slash its shareholders’ dividend by 73% while its operating margin reduced from 20.8% to 14%. The number of homes it sold during the interim period fell by almost a third to 5,501 and average selling prices were cut by 5% to £181,485 to secure sales. The group also made a £40 million write-down on its landbank – an action Bellway declined to take, although it stated that “widespread land write-downs are not envisaged but the position is being monitored.” <br><br>Taylor Wimpey’s results had not yet been released at the …