Weak pound not bad for all house buyers

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In spite of Brexit, very wealthy foreigners still believe that the UK is the best bet for their money, according to the latest Wealth Report from Knight Frank, which said that a lot of this cash was spent on residential and commercial property.

“The country that saw the largest increase of deposits held outside its borders was the US. Over the course of 2017, it was the largest origin for deposit outflows, depositing an additional US$220 billion across the reporting locations,”it said. “The most popular destinations for these funds were the UK, France and Canada. Hong Kong was also a significant source of funds, adding US$40 billion to the deposits held in other reporting locations over 2017, the biggest recipients being the UK, Macau and the US.”

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