This means that the average house price in England and Wales now stands at £172,069, compared with the peak of £181,572 in November 2007.
Repossession volumes decreased by 33% in February 2014 to 936 compared with 1,387 in February 2013.
The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 17%. London also experienced the greatest monthly rise with a movement of 4.2%.
The North East saw the lowest annual price growth with a movement of 2.9%, and also experienced the only monthly price fall of 1.9%.
The most up-to-date figures available show that during February 2014 the number of completed house sales in England & Wales increased by 38% to 62,368 compared with 45,236 in February 2013.
Jeremy Duncombe, Director, Legal & General, comments:
"These figures highlight the two speed housing market that we are currently experiencing in the UK. London and the South East are seeing dramatic house price growth, while other parts of the UK, such as the North East, lag behind. The rapid growth of prices in London has led to calls that the housing market is overheating, however it is important to take the whole of the country in to account when looking at overall market trends.
"In all areas of the country there is a real need to build more houses. At the moment demand outstrips supply, which increases the pressure on house prices and makes it harder for people to own their own home."
