Russians buy up 'Moscow on Thames'

Super-rich Russians are buying so much property in London that the city has earned a new nickname - Moscow-on-Thames.

The term was coined by the Russian newspaper Izvestiya.

It appeared in an article revealing that one in 15 properties sold for more than £500,000 last year went to a Russian.

Estate agents Knight Frank added that Russians accounted for one third of all sales to foreign buyers.

Many of Russia's richest people have fallen out of political favour and are investing in strings of properties across the globe.