The figure - the difference between the number entering the country and those leaving - is more than three times higher than the government's target; a trend which Immigration Minister James Brokenshire described as deeply disappointing.
In 2014, 13% of people living in the UK had been born abroad, taking the foreign-born population to 8.3 million.
UKIP leader Nigel Farage said the "figures reflect 'Borderless Britain' and total impotence of the British government" and called on the prime minister to negotiate controls on migration from EU countries.
It is the fifth consecutive quarterly rise in the net migration figure - with increases in arrivals from both inside and outside the EU.
Net migration of EU citizens was 183,000, up 53,000 from the year ending March 2014.
The number of those arriving from countries outside the EU was still larger, with net migration measured at 196,000, up 39,000 on a year earlier.
Expansion of the EU and the relatively fast recovery of Britain's economy are seen as key factors in the trend.
It is also reported that fewer people are leaving the UK, with emigration numbers dropping by 9,000 year-on-year. Other than EU countries, the nation with the highest number of citizens migrating to the UK in the 12 months to June was China, with 89,593 arrivals. India is also the most common non-UK country of birth in the UK population - 793,000 UK residents were born in India
Polish is the most common non-British nationality, with 853,000 residents (including those born in the UK) describing their nationality as Polish. In total, 8.4% of UK residents - 5.3 million people - have a non-British nationality. 53,000 Romanian and Bulgarian citizens moved to the UK in the last year - almost double the 28,000 in the previous 12 months
There were 25,771 asylum applications in the year to June 2015, an increase of 10% compared with the previous 12 months. A total of 11,600 people were granted asylum or an alternative form of protection. The peak was in 2002 when there were 84,000 applications, of which 28,400 people were allowed to stay in the UK
