Battered UK homebuilders set for biggest daily rise in five months

LONDON, July 18 (Reuters) - UK homebuilders shares headed for their biggest one-day gain since February on Tuesday, recovering further from the drop to seven-month lows earlier in July, as expectations grew that British interest rates might peak sooner than initially feared.

An index of London-listed homebuilders rose as much as 4% and was set for its biggest daily rise in more than five months, after recording a 12.15% drop in the second quarter, following a whopping 44.4% tumble in 2022.

Shares in Taylor Wimpey, Barratt Developments and Persimmon rose between 4-5%, while shares in mid-cap Vistry rose 7% on the day.