House prices are now £34,000 above their peak at the height of the housing boom in February 2008.
The average property in England and Wales is now worth £273,528, according to new figures from Reeds Rains and Your Move estate agents, published today.
That is £34,192 higher than they were seven years ago, just before the financial crisis, when they stood at £239,336.
Over half of that extra value, £17,340, was added in the past year, following an annual rise of 6.8%.
But the figures also show that the number of completed home sales in the first two months of this year was down 9% compared to a year ago.
And the top end of the London property market is slowing in the run-up to the general election, although the lower rungs of the ladder are still moving.
Adrian Gill, director of Reeds Rains and Your Move estate agents, said: "The housing market is performing well by yesterday's standards, but we've got to keep an eye on the trajectory of our current recovery.
"Average house prices are currently 6.8% higher than they were last year but this is the smallest annual increase for 14 months, as the market mellows from the extraordinary noise of the past year.
"So far in 2015, completed home sales are 9% lower than over the same period 12 months ago, but demand hasn't faded out of view.
"February still marks a 4% improvement on January activity levels, and in recent weeks, we've seen agreed sales climb above 2014 levels, as activity comes into focus."
London and the South East have slowed lately, but continue to outpace the rest of England and Wales.
Annual growth of 6.8% fell to 4.6% once you exclude these two regions.
Gill said: "The capital has already had the first taste of added pressure placed on prime property in the form of revised stamp duty, and the £1.5m to £5m slice of the market has also been hit by cold feet in the run up to the general election, with the threat of a potential mansion tax.
"This let-up of high-end activity has brought down the average London house price, but beneath the surface, the lower rungs of the ladder are thriving."
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