Housing Rebound Already Under Way In London

London home sellers raised asking prices to a record high this month and led gains across the U.K. as the shortage of properties for sale intensified. The average cost of a home in the capital rose 6.5 percent, the most since records began in 2002, to 416,157 pounds ($680,000), the owner of the U.K.’s biggest residential property Web site said today in a statement. Prices climbed 2.8 percent across Britain as transaction levels dropped by half from 2007.

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