February data from the Land Registry shows the average property is worth £180,252 compared with the peak of £181,083.
House price data for February shows an annual price increase of 6.5% while house prices are up 0.5% since January.
Unsurprisingly London experienced the greatest increase in its average property value over the past 12 months with a rise of 13.1%.
The North East experienced the greatest monthly rise with a movement of 6.2% while the North West saw the lowest annual price growth with a movement of 0.7%. The North West also saw the largest monthly price fall of 1.7%.
Completed house sales in December 2014 decreased by 11% to 70,470 compared with 79,569 in December 2013. Sales priced at more than £1m decreased by 4% in December, to 929 from 967 a year earlier.
The number of repossessions in England and Wales decreased by 38% to 654 compared with 1,062 in December 2013 with London experiencing the greatest fall in repossession sales.
Guy Meacock, head of the London office for buying agency Prime Purchase, said there is more hope and optimism around in the housing market.
“As we move that much closer to the general election, there seems to be an underlying confidence that David Cameron is likely to get back in so although the mansion tax issue is not settled by any means, people are talking about it less. Indeed, no client has asked me about it this year, suggesting it is not on people’s minds.”
However, housing charity Shelter said house price rises have left those priced out watching their dream of a home of their own slip further into fantasy-land.
“With the alternatives either paying out thousands in rent to private landlords with no stability, or living with mum and dad well into adulthood, it’s no wonder housing has become a key issue in the run up to the election,” said Shelter’s chief executive Campbell Robb, “The time for gimmicks and piecemeal schemes has passed – only a big, bold plan to build the genuinely affordable homes we need will end this housing crisis once and for all.”