BRIGHT LIGHTS, BIG CITY

Nottingham is experiencing its biggest property boom in 25 years. But is city centre living all that the glossy brochures would have us believe?

It was once the cradle of the Industrial Revolution with its textile factories and lace mills.

Today Nottingham's Lace Market is a property hotspot with loft apartments and luxury flats.

It's being transformed into a vibrant 24 hour city quarter, with trendy restaurants, bars and leisure attractions.

City centre living

The Lace Market isn't the only area on the wave of the renovation boom.

Nottingham's waterside is also being transformed with new luxury housing for the first time.

So what's the attraction of city centre living and why are we flocking back to our cities?

A room with a view - residents buy a fabulous view of Nottingham's skyline

As well as being hip and trendy, residents find themselves at the heart of where the action is.

Cafes, restaurants and bars are literally on their doorsteps.

But this luxurious lifestyle comes with a hefty price-tag.

The going rate for city centre apartments ranges from £100,000-£300,000 in price.

There's even a penthouse where the rent is more than £500 a week.

City centre living isn't all luxurious. Rubbish, graffiti and noise are frequent gripes for new residents.

The new luxury flats on Maid Marion Way also have the unenviable tag of being located on the street that was voted Britain's ugliest in the early 1990s!

Buzzing with life...

Cities like Nottingham, Derby and Leicester are experiencing a shift in the type of properties people want to live in.

Forget about the suburban semi or the detached three bedroomed house.

Luxury living overlooking Nottingham's Maid Marion Way

Today's young professionals want to show off and indulge in a cosmopolitan lifestyle.

Their attitude is very much "if you've got it, flaunt it!".

So just who can afford to live in the in lap of luxury?

A high proportion of the new residents are young professionals with high salaries and no children.

Rob Hudson, a financial analyst and Lace Market resident, says, “I love it here. I was sick of wasting so much time travelling to work."

"I’ve given up the car and it’s great I can walk to work now. I’m surrounded by bars and restaurants and don’t need to get a taxi home,” he says.

Stepped in history

One of the attractions of Notingham's Lace Market is its rich history routed in the boom years of the Industrial Revolution. It's ironic that the cramped and noisy lace workshops are now home to luxury flats.

A sound investment?

From lace to leisure, Nottingham is re-inventing itself as a vibrant 24 hour city.

But will the city centre property bubble burst when the fashion for loft living wears off? What will the re-sale value of these flats be in a decade's time?

Some estate agents advise on putting your money into a house on the outskirts which would appeal to a wider range of potential buyers.

Whatever the future holds, the Lace Market is once again is being restored to its former architectural glory.

For the residents, it's still set to be THE place for living and partying for some time to come.