London’s estate agents are braced for a wave of ultra-rich Russians to return to the UK property market as Donald Trump pushes for a ceasefire in Ukraine.

The US president, who held talks with Russian leader Vladimir Putin on Tuesday, is attempting to broker a peace deal between Russia and Ukraine.

While Putin rejected a proposal for an immediate ceasefire following the talks, Mr Trump hailed their discussion as a “very good and productive one”, adding that “we will be working quickly to have a complete ceasefire”.

Estate agents believe such a deal could unlock pent-up demand from wealthy Russians – many of whom have flocked to Dubai and Turkey instead of snapping up properties in London because of the sanctions.

Paul Finch, a director at Beauchamp Estates, said: “We are talking to quite a few people here, and some who are there – we definitely get the feeling that if they can, they would like to be back.

“From clients based here talking to their friends and family, they would all rather have a piece of London than Dubai. It’s just that for the last three years they’ve had no alternative. Europe and the US have been closed off to them.

“There’s still a lot of money and big hitters over there. As sad as it is, wars always make money, and the rich and wealthy Russians have been making quite a lot of money ... and they will want to spend it.”