Housebuilders are enjoying something of a happy ending. They must still cope with the slow climb to recovery, but following yesterday’s capital raisings and refinancings by Barratt and Redrow, the sector has overcome the debt problems that have stalked it for the past two years.

So far, buoyed by a stabilising UK housing market, the companies seem to have passed the test set them by shareholders: managing their businesses in ways that give people confidence to invest.