Russians snap up luxury London homes

More than half of London's top property sales went to overseas buyers, with Russian nationals topping the league after UK house-hunters. Aircraft manufacturer Hawker Beechcraft Corporation (HBC) estimates that Russian nationals acquired 266 million pound-plus homes in the capital, spending £429 million. People from the UK purchased 2,183 of the 4,510 homes sold in this price bracket in 2010, according to the data. Research from Lloyds TSB earlier this month found that sales of homes worth at least £1 million recently reached their highest level since the peak of the housing market in 2007. Strong demand from wealthy cash-rich buyers, both in the UK and from overseas, as well as limited supply of such properties is thought to have boosted sales. HBC, which partly based its analysis on Land Registry data, believes that the large number of foreign buyers of prime property in London has contributed to an increase in business flights to some of the region's main business airports. Sean McGeough, HBC president, Europe, Middle East and Africa, said: ''As one of the most desirable cities in the world, it's no surprise that London's property market is attracting a large number of overseas buyers.  Given that many of these individuals lead busy lives and often travel a huge amount, this helps explain the rise in flights to London's business airports.''