Russians begin to baulk at UK property

Wealthy Russians are becoming increasingly wary of investing in London. Two prime market sales, worth a total of £20m, near Regents Park collapsed this week. Sources said Russian clients fear they will have to spend years proving themselves to the UK government and are now looking overseas instead. Mark Pollack, director of Aston Chase, which saw a substantial sale fall through this week, said: “There are clear and serious ramifications on the super-prime London property market. Naturally, I am more concerned about humanitarian issues but it is already evident that this crisis is going to have a significant impact on the market.” Gary Hersham of Beauchamp Estates, a luxury property estate agent, said he had been asked to sell two properties in central London valued at between £5m and £10m for Russian owners. The Times (£)