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One source said the issue was not a dealbreaker for private equity groups, despite City rumours that it had deterred some from making a bid.

They said: 鈥淭he pension fund is one part of the bigger picture. All that matters for private equity is whether the value is right. Yes it鈥檚 an issue but it鈥檚 by no means an insurmountable hurdle.鈥�

The 拢5.9bn-turnover company鈥檚 accounts indicate that an outright takeover, which is understood not to be on the table, would require a buyer to invest up to 拢1.2bn in the fund over its lifetime.

Taylor Wimpey is understood to be in talks with four private equity funds about selling an estimated 30% stake. According to a source close to talks between the housebuilder and its banks, it needs to raise fresh cash before February to secure a relaxation of its lending covenants. Two weeks ago, it put its Taylor Woodrow construction arm on the market.

The source added that any investor would look to plug the 拢216m shortfall by between 20% and 30% depending on the structure of the deal. Taylor Wimpey has a market valuation of about 拢477m.

The pension fund is part of the bigger picture. It鈥檚 an issue, but not insurmountable

Source close to Taylor Wimpey

They added that it was also in the interests of pension fund trustees for a deal to be struck, saying: 鈥淚f an investor comes in with cash they have to take a commercial view because they would lose out if the company disappeared.鈥�

Meanwhile, Boston-based US investor Polaris Capital Management this week blamed 鈥渋nvestor panic and hysteria鈥� for the plunging stock market valuations of UK housebuilders.

It is understood that the mutual fund is looking to invest in the sector and contacted Barratt last month about a possible deal.

Bernie Horn, Polaris鈥� global value fund manager, said:

鈥淲e believe the risk of bankruptcy is extremely low and that firms will generate sufficient cash flow to service debt. Investor behaviour fluctuates from greed and exuberance to panic, fear and hysteria. That creates undervalued companies.鈥�