The divide in houses prices between London and the South East and the rest of the country is widening, according to the latest official statistics.
Although the average UK house price is £284,000, similar homes in the capital cost £242,000 more at £524,000.
The figure was down £2,000 on the UK average house price of £286,000 in January.
The average price of a home in the UK excluding properties in London and the South East was £216,000.
Although UK house prices were up 7.6% year-on-year, the Office of National Statistics (ONS) disclosed the rate of increase was slowing, down 0.3% from 7.9% a year ago.
House prices are also rising at different rates across the regions.
Properties in England increased by 8.2%, compared to 2.8% in Wales and -0.8% in Scotland.
By region, the largest annual increase was in the South East at 11.4%, which dropped 0.3% from 11.7% last year.
The region with the second highest growth was the East, where homes were up 10.3% in February compared to 9.8% in February 2015.
The North East has the lowest annual growth, with prices increasing 1.4% in the year to February 2016 from 0.9% in the year to January 2016.
“House prices in the east reached a record high in February, climbing to 25.8% higher than the last peak recorded in January 2008 before the downturn,” said the ONS report.
The figures reveal a two-speed market, with property hunters moving out of London to the commuter belt, while a lack of homes to sell is pushing up prices elsewhere.
Richard Sexton, director of chartered surveyor e.surv, said:
“There’s a regional revolution underway. People struggling to purchase property in the capital are hunting elsewhere and the South East is the obvious choice – creating a surge in demand.
“Across the UK a supply shortage is leading to price hikes which many buyers simply can’t meet. This shouldn’t be the case. Savings have seen a boost from low inflation and rising wages. But unfortunately, housing market prices are generally still moving faster.”