Research from mortgage service firm HML revealed that in Q1 2011 this figure stood at 827,000.
The biggest reduction in borrowers trapped in negative equity was found in Greater London with a 99.8% reduction.
The East of England experienced a marked improvement, with negative equity declining by 90%.
And while Northern Ireland has seen the negative equity situation worsen by 27% between Q1 2011 and Q1 2015, the number of properties in this situation has declined from a peak of 71,857 in 2013.
Damian Riley, director of business intelligence at HML, said: “With the Conservatives winning the UK general election many in the residential property sector may see this as providing continued stability – and this could support a continued decline in negative equity.
Riley said that while rising house prices may kill off the issue of negative equity for many, those who are still in this situation should consider making mortgage overpayments before a mortgage interest rate increase.
“History shows that whoever is in government, interest rates will have to eventually rise,” he added.