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London House Prices Jump 5.4%, Locking Out First Time Buyers

  • U.K. average price rises 7.3% to almost 300,000 pounds
  • Rise in property listings is no match for buyer demand
House Prices Hit New High In The UK
Photographer: Oli Scarff/Getty Images

Asking prices for London homes reached another record this month as the winter lull in the market came to an end.

The 5.4 percent monthly surge puts the average price at 643,843 pounds ($932,000), property website operator Rightmove said. Inner London surged almost 8 percent to 848,000 pounds. Nationally, prices rose 2.9 percent in February from January.