The sharp decline in Russian buyers from the London property market will not have a negative impact, according to Savills.

Mark Ridley, the company’s CEO, said Russian buyers represented a “tiny proportion” of the market, with data supplied by Savills suggesting that 1.4% of central London is owned by Russian investors.

The sanctions imposed by the UK government in recent days in response to the invasion of Ukraine have now made it far harder for rich Russians to buy property in London.

Some commentators feared that this could lead to a decline at the top of the market, where oligarchs have actively acquired luxury houses. It was even suggested in the Wall Street Journal this week that the effective ban could “put pressure on the UK property market”.

However, Ridley was keen to point out that domestic and Asian buyers were much far more active, and in turn influential, in London’s so-called “ultra prime” property market.

“[Russian buyers] haven’t been a big part of the market for years,” he said. “They never were a massive part.”

Savills saw full-year profits hit record levels as it cashed in on the UK’s booming property market. However, the agency acknowledged that outlook holds elements of uncertainty following the Ukrainian crisis.

Savills doubles profits in record year