Zoopla.co.uk, the property portal, says the average UK home is now worth £218,705, up £21,667 (11%) since March 2009. This figure is more than £20,000 below the November 2007 peak, when average house prices reached £239,063.
Property prices in England have recovered more ground than elsewhere, having climbed 11% since March 2009, with the average home in England now worth £226,342, still below the level reached in November 2007 of £246,714.
Homes in Wales have been much slower to rebound, up 7% since March 2009 to a current average value of £154,521 and a long way short of the £173,388 peak in November 2007.
Scottish property values have climbed 9% on average to £156,217 over the past 16 months, having fallen 18% in the prior 16-month period when they reached a high of £174,805.
Property prices in the South East have bounced back strongly and have regained most of the value lost during the downturn.
House prices in the South East, which peaked at £291,120 in November 2007 had fallen sharply by 18% to £238,017 by March 2009, and have since risen by 18% to £279,848.
The North East saw average house prices drop 16% from £182,390 in November 2007 to £153,002 in March 2009, and have since regained 5%, standing today at £160,627.
The London market has seen the most dramatic turnaround, with average house prices today at new highs and above the levels seen in November 2007.
Having fallen by 16% from a high of £410,577 in November 2007 to a low of £344,635 in March 2009, London house prices have made up all the ground lost in the downturn and now stand at £418,802. London house prices have risen by 22% over the past 16 months.
The rebound in house prices since March 2009 has been strongest for semi-detached properties, which have risen by 13% over the past 16 months with the average semi now worth £191,019.
Flats across the UK have been much slower to rebound gaining 8% in value over the past 16 months, having fallen by 17% in the prior 16-month period.
The average flat in Britain is now worth £199,573, down from a peak of £224,021 in November 2007.
Nicholas Leeming, commercial director of Zoopla.co.uk, said: “We have reached an important point in a market seeking direction and have come through two periods of equal length and opposing directions.
“Despite the most recent 16 months of gains, only half of the value lost in the prior 16 months has been recouped. It is entirely possible that we may now have a similar length period of time where the market hovers without a clear direction.”
