Housebuilders rally as price drop fears fade

The UK’s largest housebuilders have enjoyed an unexpected recovery in their shares despite cutting back on development. In their most recent results, Barratt, Persimmon and Taylor Wimpey all said sales figures were improving and prices holding steady. Across the sector, share prices have rallied by more than 20% since January, according to Investec. The market has also been cheered by the latest figures on house prices, with Nationwide earlier this week saying house prices rose by 0.5% in April, breaking seven consecutive months of decline. The FT (£)