Amount

Forex - King Beaten by Pound Gains as Foreigners Buy Homes

Posted by Forexsq 191 days ago (http://www.bloomberg.com)

At a time when Bank of England Governor Mervyn King could use a weaker pound to boost the economy, investors from Japan to Norway are propping up sterling by purchasing more U.K. real estate than British citizens and the most stocks and bonds in over three years.

Foreigners are spending more on U.K. properties worth over 6 million pounds ($9.5 million) than residents are for the first time in a decade, according to Real Capital Analytics Inc. The most recent data on portfolio investments, which include purchases and sales of equities and debt, showed a 37.6 billion- pound net inflow in the second quarter, the biggest since 2009. forex