Given that BDEV have arranged new finances could they be worth a [long-term] punt at this price as the sector has been dragged down by rival TW inability to secure refinancing?

People will always need new houses can Barratt remain solvent enough to build them?

You often find that with cyclical companies that larger names have a better chace of survival, and banks and other creditors have a greater reluctance to let them fail. TW. are a large company but could they be the the sacrificial lamb here.

Either way both companies have huge debts, so I wouldn't gamble on either, maybe BWY or PSN would be worth a look in 9 or 12 months time.

If there is more to come from the credit crunch saga, then I would recommend waiting until buying any house builder stock. I don't think that they will all survive this downturn, TW. being the obvious dud at the moment.
Locally on the new estates, many skilled guys have been told not to report back to work on monday, particularly the bricklayers. Houses that have got as far as 2nd fix are being completed, otherwise no more building going on until completed houses are sold. I don't think BDEV are an exception.