The Dutchman is hunting for his sixth consecutive win this weekend at Silverstone, a feat only completed by four other drivers, as he makes his 150th start for the reigning champions.
Despite struggling for grip in the opening stages, he still managed to take an early lead with a 1m30.443s on the hard Pirelli tyres.
He continued to improve throughout before switching to the soft compound with less than 15 minutes remaining, upon which he set his session-topping time of 1m28.600s, 0.4s quicker than Perez.
Alex Albon finished the session third for Williams with a 1m29.089s, sporting a special livery for the team’s 800th grand prix.
With several teams sporting new parts for the weekend, with AlphaTauri’s the most drastic, the track was busy early on in the hour-long practice session.
George Russell put the first time on the board for Mercedes with a 1m33.471s, before he was bettered by team-mate Lewis Hamilton who went almost a second quicker.
Verstappen then took the lead for the first time as Charles Leclerc slotted into second for Ferrari, though Hamilton was quick to take second again with a 1m31.422s.
Source: Autosport