FTSE 250 listed, Housebuilder Barratt Developments (BDEV) issued an upbeat trading statement on 16th January covering the six months to 31st December and there is little doubt that the results out next week will contain no nasty surprises. The company has a forward order book equivalent to around four months of sales and as such there is no reason to expect any great change in trading in the second half. Yet with house prices now on a multiple of average wages seem only once before in living memory ( 2007) and with the normal catalyst for a house price correction ( a rise in interest rates) surely only a matter of time the current rating looks untenable.
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