Barratt Developments, the UK’s largest housebuilder by volume, has swung into profit in its half-year results and reported a strong start to the spring home-buying season. Sales in the first seven weeks of 2012 rose 21.8 per cent on the same period last year. At 130p, the shares are trading at a 50 per cent discount to other housebuilders. Still, with debts of £542m – expected to fall to £350m by year-end – the group carries a higher risk. There is no dividend.