Four in every 10 London homes sold for more than STG1 million ($A1.84 million) last year were snapped up by non British buyers.
Russians, Indians and Italians were the biggest overseas buyers of the capital's seven-figure houses and flats in 2013, according to analysis by aviation firm Beechcraft Corporation.
The number of homes being sold for more than STG1 million ($A1.84 million) in Greater London rose to 6145, up 20 per cent on 2012.
The research claims 41 per cent of them went to non-British buyers, who spent a combined STG5.1 billion ($A9.40 billion) on properties.
"London is one of the most desirable cities in the world, and it is no surprise its prime property market is attracting so many buyers from outside of Britain," said Scott Plumb, Beechcraft's vice president of sales for Europe, Middle East and Africa.
The research, based on Land Registry figures, shows Russians spent more than STG536 million ($A987.84 million) on 264 million-pound homes in London last year.
Indian buyers were not far behind, spending STG449 million ($A827.50 million) on 221 properties. Italian buyers were third on the list, spending STG436 million ($A803.54 million) on 215 properties.
Recent Land Registry figures showed that house prices in London increased at more than double the rate of the rest of the UK over last year.
London house prices leapt by 11.2 per cent over 2013 to reach STG403,792 ($A744,180) on average, while prices across England and Wales generally lifted by 4.4 per cent in the 12 months to December to reach STG167,353. ($A308,428) Experts warned earlier this month that stronger curbs must be considered for the housing market amid fears that London is starting to show "bubble-like conditions".
