Roman Abramovich added to the UK’s sanctions list

Wealthy Russians still own property valued at nearly £500million in England and Wales, 18 months after Vladimir Putin’s invasion of Ukraine and the international sanctions they triggered, a new analysis has shown.

A Freedom of Information request to the Land Registry submitted by London estate agents Benham and Reeves revealed that £477,094,829’s worth of property in England and Wales is currently registered to correspondence addresses in Russia.

The total was arrived at by looking at the estimated value of the homes based on the average house price in each local authority district.

Of 1,095 properties, all but four are in the hands of private individuals, with four owned by companies.

The figures are slightly down on 2022, when the Russian-owned portfolio in England and Wales was estimated at £481,179,932, relating to 1,101 properties, which would mean just six have been sold in the course of the last year.

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Director of Benham and Reeves, Marc von Grundherr, commented: “Despite the negative spotlight brought about by the invasion of Ukraine and the sanctions imposed by the UK that followed, it’s clear that Russian appetites for UK real estate have largely unwavering.”

He added: “This is hardly surprising given the strength of the UK market and its prestige amongst international property buyers.

“We’ve seen international demand lift in recent months and this interest is coming from all corners of the globe, so it stands to reason that, unless required to leave, Russian homeowners would opt to remain within the UK where possible.”

According to Benham and Reeves’ analysis, people living in Hong Kong hold the most valuable property portfolio, comprising 24,749 homes worth £10.8billion.

Singapore is next, with 15,725 homes worth £7.2billion, while USA citizens own 11,964 homes worth £5.1billion.

Mr von Grundherr added: “Foreign-owned homes are worth a staggering £78.8billion in today’s market and it’s Hong Kong homeowners who account for the largest proportion of market activity in this respect.

“This stands to reason as we’ve seen a huge appetite from Hong Kong buyers in recent years, driven by the British National Overseas Visa which allows them to live, work and study within the UK.

“Of course, while this diverse range of overseas nationals forms an important part of our domestic property market, it’s important to note that they remain a drop in the ocean of total market activity and value, which really puts the might of the UK property market into perspective.”

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Russian oligarchs with big investments in the UK have been under the microscope in recent months, with many now subject to UK, EU and US sanctions, including former Chelsea owner Roman Abramovich.

A BBC investigation published last year claimed a dozen sanctioned Russians had links with property throughout the UK worth £800million.

Abramovich himself was said to be connected to 50 homes across London worth £230million, including a 15-bed mansion in Kensington.

Former Arsenal shareholder Alisher Usmanov has links to two mansions and other properties worth more than £150million.

Others include Oleg Deripaska, and German Khan – who is not currently sanctioned by the US.

Speaking to Express.co.uk last month, Mark Hollingsworth, author of Londongrad – From Russia with Cash, said: “There is potentially a big problem with the luxury London mansions owned by Russian Oligarchs who have been close to Putin.

“Some of these houses and flats are owned in the name of UK companies, notably Abramovich.

“If those UK companies are struck off Companies House because of the sanctions, then the ownership of the houses will belong to the Crown.

“This means the government will in effect be confiscating assets – a policy they have been trying to avoid at all costs.”

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