Barratt and Redrow have become the latest housebuilders to announce that they are to seek to raise cash on the markets to fund growth in an improving market and to boost balance sheets. Barratt is seeking £720 million – £545 million through the rights issue and £175 million through placing 72.9million new shares at 240p – while Redrow is looking to raise £150 million. Both companies are looking to strengthen their balance sheet and reduce debt levels but also moving to take advantage of the current opportunities in the land market. Barratt ceo Mark Clare said: “The Board has decided it is now an appropriate time to substantially strengthen the company’s balance sheet and reduce its debt levels. This will also enable the Group to develop a number of its existing sites and to take advantage of land purchasing opportunities as they arise.” <br> <br> Redrow also wants to re-enter the land market as well as launch its “New Heritage Collection” which confirms its intention to return to family housing. It is also looking to buy Harrow Estates for £15 million which has five freehold sites and options on seven further sites. Redrow chairman Steve Morgan said: “We are returning …