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US to London money transfers could be on the rise

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Overseas money transfer transactions to and from the United States could be on the rise following an anticipated influx of American citizens to the southern part of London.

A new US embassy is being constructed in the London suburb of Nine Elms and it is expected that the area could attract a sizeable expatriate population.

The new construction is also likely to lead to interest in investing in properties in and around the capital.

According to Roger Southam, chairman and chief executive of residential property management company Chainbow, the majority of people who will be investing in London's main up-and-coming property hotspots will be foreign buyers and speculators interested in becoming buy-to-let landlords.

"With the new US Embassy being constructed in Nine Elms, a large workforce is predicted by 2017, the St George and St James homes are most likely to be purchased by professional landlords looking to rent to these workers or non-domiciles themselves," Mr Southam said.

He pointed out that London will always be a major attraction for prospective property speculators and the city's housing market will always be healthy because it is one of the world's best international cities.

"Job opportunities, financial markets and cultural attractions make the city the landmark it is, so investors know there will continually be a strong demand for homes in England's capital," Mr Southam added.

A recent report from Frank Knight revealed that Hammersmith, Fitzrovia, Earl's Court, White City and Marylebone are just some of the London areas that will witness rising property prices over the next few years.

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