Russians return to london

For several months they stayed away, but the Russians are back in Kensington and looking at houses. In its prime Central London index, published today, Knight Frank, the estate agent, reports that viewings in the capital's swishest districts were up 28 per cent in February...

Russian buyers, in particular, are inquiring about period homes or new developments with 24-hour security, a concierge service and other such essentials.

Elena Norton of Knight Frank's Russian desk, says that previously her clients had been preoccupied with their business interests or househunting in France.

A combination of sterling's weakness and bargains has brought them back to Kensington, Belgravia and Knightsbridge. Prices in these and other prime neighbourhoods are already down 23 per cent on average.

However, sellers not giving further reductions of up to 10 per cent cannot expect to close a deal.

The collapse of Lehman Brothers in September led to a slump in the prime London market and Liam Bailey, Knight Frank's Head of Residential Research, said that it was too early to suggest the start of a recovery. However, he added, "We're getting to the end of the big drops in price."

Source: www.timesonline.co.uk