Land Registry data for March has shown an annual price increase of 5.3% which takes the average property value in England and Wales to £178,007 compared with the peak of £181,049 in November 2007.
House prices are down 0.8% since February.
London experienced the greatest increase in its average property value over the last 12 months with a movement of 11.3%, while the South East experienced the greatest monthly rise with a movement of 0.8%.
The North East saw the only annual price fall with a fall of 2.9% and the area also saw the largest monthly price decrease with a fall of 4%.
The number of completed house sales in England & Wales decreased by 18% to 53,168 compared with 65,175 in January 2014. The number of properties sold in England and Wales for over £1 million fell by 19% to 851 from 1,049 a year earlier.
Repossessions in England and Wales fell by 45% to 590 compared with 1,081 in January 2014 and London was the region with the greatest fall in repossession sales.
Andrew Bridges, managing director of Stirling Ackroyd estate agents, said: “Election uncertainty is a myth. House prices across the UK, especially in London, are surprisingly buoyant in the face of the upcoming general election – an election that itself won’t solve the fundamental mismatch between supply and demand.
“Much has been done to ensure that people have the funds they need in order to get that essential start on the housing ladder, but this is just a plaster on the surface of the problem. It’s time to move away from these emergency room tactics and start planning for sustainable ways to house people in the UK – and more houses are exactly what the doctor ordered.
“A commitment to freeing up brownfield sites from parties across the political spectrum is encouraging, but this will only take us part of the way there. Our research has discovered that the current rate of planning permissions will only allow London to build two-thirds of the homes promised by the government. If the capital can’t tackle the housing shortage, it doesn’t bode well for the rest of the country.”
“There are more interesting things going on than the election – and more serious problems for any new government.”