Asian and Russian homebuyers who once made up a third of those buying property in London's wealthiest areas have largely deserted the market this year as emerging market currencies plunged against sterling.
Properties in leafy boroughs such as Kensington, where the average home price is £1.5m, have been a sought-after asset in recent years among wealthy buyers seeking a base or an investment in a global, politically stable city.
But that has changed in 2015, in a shift that estate agents said was partly down to turmoil in emerging markets and partly to a change in stamp duty that means buyers of the priciest homes pay substantially more tax.
Asian homebuyers made up 26 per cent of those buying homes in areas such as Kensington, Chelsea and Belgravia in the first three-quarters of last year, but that number was down to 6 per cent in the same period of 2015, according to figures compiled exclusively for the Financial Times by Hamptons, a high-end estate agent.
Chinese buyers were down from 9 per cent of the total to 3 per cent.