Russian millionaires now buy one in five of London’s most expensive properties, figures show.

A study by Knight Frank found that 21 per cent of the properties it had sold for over £10million in the last six months had gone to Russian buyers.

This compares to just 13 per cent in the previous six months.

It means Russian buyers are fast catching up on UK millionaires, who bought 36 per cent of the capital’s ‘super-prime’ property over the same period.

Russian millionaires now buy one in five of London’s most expensive properties, figures show, including those in Belgravia (stock picture)

The estate agent said Russian buyers were ‘re-emerging after a period of uncertainty’, including the conflict between pro-Russian separatists and Ukraine's military.

Russian oligarchs have bought swathes of mansions in the exclusive boroughs of Kensington, Mayfair and Belgravia in recent years.

In 2011, billionaire Roman Abramovich, who owns Chelsea football club, bought a £90million mansion on the country’s most expensive street, a stone’s throw from Kensington Palace.

His home in Kensington Palace Gardens, west London – known as Billionaires Row – has more than 15 bedrooms and extensive gardens.

Roman Abramovich's London's home, not far from Chelsea's home ground Stamford Bridge, is worth £88million

Tim Wright, of Knight Frank, said yesterday: ‘The Russians are back.

‘After a period of uncertainty and instability, they appear to have more clarity on where they stand, which has given them the confidence to get back into the market.’

The report showed a marked rise in the number of Chinese buyers also purchasing homes over £10million in the capital in the last six months – rising from ‘negligible numbers’ to four per cent.

Mr Wright said: ‘We are beginning to see some serious interest from ultra-high net worth mainland Chinese buyers.’

He said signs of weakness in the Chinese economy meant the UK was seen as a ‘safe haven’ for their money.

Russian oligarchs have bought swathes of mansions in the exclusive boroughs of Kensington, Mayfair (pictured) and Belgravia in recent years

Knight Frank also found Middle Eastern and American buyers bought six per cent of ‘super-prime’ properties in the six months to October, while Indian buyers snapped up four per cent.

It follows fears that foreign investment is pushing up property prices because some are willing to pay above-market value for the chance to put their money in the British housing industry.

Last month it emerged that family homes in South Wales and Bristol and flats in Manchester, Liverpool and Sheffield are among the houses being offered at foreign property shows and on estate agent websites in China and Russia.

Until recently, foreign investors have largely focused on mansions and exclusive riverside flats in London.

But overseas investors keen to make a profit from the booming UK property market are now buying up family homes around the country.