Belgravia Mansion Sales Slump as Russians Vanish From London

Home sales in Belgravia, the London district favored by Russian oligarchs for its large Regency-style houses, are slumping after the collapse of the ruble against the pound.

Transactions dropped 25 percent in the neighborhood in the 10 months through October from a year earlier, compared with a decline of almost 20 percent in the rest of central London’s best districts, according to researcher Lonres. The ruble has fallen 26 percent in the past year against the U.K. currency amid international sanctions over Ukraine and the collapse of oil prices.