Barratt Developments is poised to buy Redrow after the housebuilders unveiled a surprise deal this morning.
The proposed move by Barratt values Redrow at £2.5 billion, representing a premium of 27% on last night’s closing price for the FTSE 250 company.
Elsewhere in the sector, it emerged that momentum in the house market has continued after Halifax reported a 1.3% rise in average prices last month.
