Redrow and Barratt both pointed to signs of stabilisation in the housing market at trading updates last week

However, despite the assertion, Redrow warned that its results for the year to 30 June 2009 would be at the lower end of analysts’ estimates and reported a 46% drop in completions from 3,925 to 2,113 over the year.

Meanwhile, Barratt reported a 29% fall from 18,588 to 13,202 over the same period as the average selling price of a home fell from £156,900 to £137,500.