Russians buy best of British

JUST when it seems there are no surprises left in the London property market, along comes a development that, for sheer improbability, takes some beating.

Over the past 12 months, property executives have grown accustomed to a wave of buyers from around the world who have piled into Britain.

But the latest source of investors is also the most unexpected: Russia.

Among the estate agent fraternity in Los are paying cash for desirable residences.

One agent reports that apartments costing GBP1 million (about HK$11 million) or more are finding ready buyers from the former Soviet Union.

Others are saying Russians are prominent in Belgravia, St John's Wood and Mayfair - three of the most expensive residential areas in the capital.