House builders Barratt and Redrow are expected to report that plunging land prices and a market in freefall have wiped more than £300m from their portfolios.

When Barratt's chief executive, Mark Clare, reports its final results on Wednesday, he will say it has had to write off around £160m related to the value of its land bank and work in progress. He will also unveil the findings of a review of its sites' value, which the company has previously said would be likely to fall by 10%.

But with Halifax figures last week showing the average British house price has slumped by more than 11% over the past year, analysts are predicting that further write-offs may be needed.

Independent on Sunday