The February Market Trend Data from Land Registry shows an annual price increase of 6.5%.
This takes the average property value in England and Wales to £180,252 compared with the peak of £181,083 in November 2007. House prices are up 0.5% since February.
Unsurprisingly, London experienced the greatest increase in its average property value over the last 12 months with a movement 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%. It also saw the largest monthly price fall of 1.7%.
The number of completed house sales in England & Wales fell by 11% to 70,470 compared with 79,569 in December 2013.
Meanwhile, the number of properties sold in England and Wales for over £1 million decreased by 4% to 929 from 967 a year earlier.
Repossessions in England and Wales fell by 38% to 654 compared with 1,062 in December 2013, while London was the region with the greatest fall in repossession sales.