A local currency weakened by a hung parliament and the prospect of a coalition government is set to trigger of foreign buyers seeking investment in prime London property, pushing the ratio of overseas to UK buyers to record highs of more than 70%, according to estate agents.

Prices of prime London residential property, valued at £2m and above, are expected to rise 3% this year off the back of foreign interest and investment, while UK buying power falls back, according to real estate agent Knight Frank.