And overall average price is now just a fraction under half a million

Flats in Shepherd's Bush were in high demand in the first three months of 2013, with sales up by 23.8% over the last quarter, and by almost 60% over the same period last year.

78 flats changed hands, compared with 63 in the previous three months while the average price also rose, reaching an all time high of £351,607.

The strong performance of flats also helped push up the overall average property price to a fraction under the half million mark at £499,917,

The most popular areas for flat buyers were W12 9, in the west of Shepherd's Bush around Wendell Park and what agents term "Askew Village" and W12 8, taking in the centre of Shepherd's Bush north of Goldhawk Road.

This area includes St James' development Lime Grove Mews, which included 49 apartments, some aimed at first time buyers, which have now all sold out.

Housebuyers were also undeterred by the unsually cold winter weather, with sales rising strongly from 30 in the previous quarter to 46 between January and March. This is the second highest number of properties sold in a quarter since the end of 2007.

House prices showed a slip of 9.8% from £833,324 to £751,399 compared with the last quarter, but they were still up by 9.3% over the last year and 24.0% over the last three. And looking even longer term, they have leapt by 81.2% over the last decade.

Dean Moriarty of agents Faron Sutaria says that Shepherd's Bush is still benefiting from "the Westfield effect2. He adds: " The area has become a hot bed for investment, attracting a wider range of buyer than the usual young family swapping a cramped Notting Hill apartment for one of W12’s spacious Victorian terraced houses.

"It appears that the wall has finally been torn down around the Shepherd’s Bush roundabout, and the cash rich investors from Kensington and Chelsea have marked W12 as the next alternative in which to invest."

Looking at the wider picture, the March data from Land Registry's House Price Index shows that London remains the best performing property market in England and Wales. The average price of a home in the capital rose by 9.6% over the year to £374,568.

For the country as a whole prices only rose by 0.% which takes the average property value in England and Wales to £161,793. London has seen a rise in repossessions which were up by 28% in January 2013 compared with the same month in 2012.

The numbers below are subject to revision as is it usual that some properties are added late to the Land Registry's database.

Source: Land Registry

May 24, 2013