Barratt boosted by debt deal

Housebuilder Barratt Developments today confirmed that 1,200 jobs will go and announced a deal with its lenders to strengthen finances amid the property market woes.

The group, which warned last week that around 1,000 jobs were under threat, added to the bad news from rivals Redrow and Bovis Homes yesterday, as it said average private sales were down 43% year-on-year in the past six months.

Barratt said it had struck a “prudent” deal to extend the repayment of £400m (€503m) of debt and had renegotiated its banking agreements in a move seen as giving the group vital breathing space.