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Economics

London House Prices Surge the Most Since 1987: Nationwide

London home prices jumped the most in 27 years in the second quarter as Nationwide Building Society warned that Bank of England measures to cool the U.K. property market won’t stem further gains in the short term.

Values in the capital surged 26 percent in the three months through June from the same period a year earlier, the biggest increase since 1987, Britain’s third-largest mortgage lender said in a statement. At an average 400,404 pounds ($686,700), prices in the city stand 30 percent above their 2007 peak.