<p>Both Barratt and Redrow have announced that they are to seek to raise money through underwritten rights issues and share placings, moves that are seen as a reflection of the improving situation in the housing market.</p> <p>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.</p> <p>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. </p> <p>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 exisiting sites and to take advantage of land purchasing opportunities as they arise."</p> <p>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.</p> <p>Redrow chairman Steve Morgan said: "We …