U.K. house prices increased in February at the fastest pace in more than seven years, according to Acadametrics Ltd.

The average cost of a home in England and Wales was $334,033, up 1.9% from January, in the biggest advance since September 2002, Acadametrics founder David Thorpe said in an interview. Values are still 4% below the February 2008 peak, the group said in a report released Friday.

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