Bubble bursting? Rich Russians and Asians desert London’s luxury property market

‘Asian and Russian luxury homebuyers are deserting London’s property market amid economic uncertainty in emerging economies.

Property buyers from Asia made up 26 percent of those buying homes in wealthy areas of London such as Kensington, Chelsea, and Belgravia in the first three quarters of last year. That figure has dropped to 6 percent over the first 9 months of 2015.

Estate agents put the shift down to economic turmoil in emerging markets such as China and Russia and also a change in stamp duty that requires buyers of very expensive homes to pay more tax.

London saw an influx of property investors after the 2008 financial crash, with many buyers looking for secure assets.’

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