There were 8.6 million crimes in England and Wales up to March 2013, the lowest figure since the official survey began in 1981.
It was a 9% decrease compared with last year, the latest crime figures show.
Overall crime is now running at half the level it peaked at in 1995.
But in these times of financial hardship for many, fraud is up by 27%, with over a quarter of a million offences recorded.
The number of rapes recorded by police has risen by 2% in the past year, with the increase thought to be linked to the knock-on effect of the high-profile Jimmy Savile investigation, the Office for National Statistics said.
Firearm offences have fallen by 15% in year ending March 2013, continuing to fall since a peak registered in 2005/2006.
Offences that involved knife or sharp instrument decreased by 15% compared to previous year.
Sky News Deputy Political Editor Joey Jones said the figures are good news the Government.
"From David Cameron's point of view, he'll be wanting to press home that sort of political advantage. As long as long as those statistics keep coming along those lines, it clearly makes things that much more comfortable from the Government's point of view."
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