Clerkenwell nightlife: click the player above for the best bars, clubs and eateries

HOW IT RATES Clerkenwell is northwest of the City, east of Bloomsbury, and in the London Borough of Islington. The area was once home to a nunnery and priory, but after the Reformation townhouses were built and the area was known for its breweries and gin distilleries. The rising population and abundant drinking dens added a seedy air, but wartime bombs cleared most of the slums. Clerkenwell had a makeover in the 1990s and is now known for its warehouse conversions, nightclubs and restaurants.

WHAT'S NEW Most of the warehouses have now been converted, but the odd small development springs up from time to time. Thomson Currie (020-7251 5666) has six one-bed flats on Bastwick Street due for completion in 2009. Prices from £380,000.

QUALITY OF LIFE Pretty good, for those who can afford it. Locals tend to be either lawyers and bankers living close to work or designers and architects. No one is short of cash, which is reflected in the steep house prices and the upmarket restaurants, galleries and designer furniture shops.

TRAVEL Farringdon mainline rail and Underground station is the only station in Clerkenwell itself, but Angel, King's Cross St Pancras, Barbican and Chancery Lane Tube stations are on its fringes. Numerous bus services take you to the West End and the City.

SMARTEST STREETS For period townhouses, head north of Clerkenwell Green to Sekforde Street or St James's Walk, where there is a Bloomsbury touch to the four-storey Georgian houses. But the area is more known for its loft-style apartments: the best are the Ziggurat, Ingersoll, Warner and Paramount Buildings. Here you can pay from £750 to £1,000 per sq ft.

BEST RESTAURANTS Take your pick. There is an eaterie for everyone, from the formal to the fashionable. The Zetter serves great Italian food, Cicada is liked by trendies, and Club Gascon gives a real taste of southwest France. St John is something of a must for nose-to-tail carnivores.

NIGHTLIFE Most is north of Smithfield Market. Bars such as Smiths of Smithfield benefit from the after-work and pre-club crowds. Two superclubs are the popular Fabric and Turnmills, the first club to obtain a 24-hour dance licence (although the building now housing Turnmills is to become an office block). Sadler's Wells, by contrast, has Matthew Bourne's Nutcracker!

EDUCATION Not many families live here, and there is just a smattering of primary schools, including Clerkenwell Parochial. For those set on the stage, try the Italia Conti Academy of Theatre Arts.

UPSIDE Ideal for the upwardly mobile: trendy pads and shops, nightlife and good restaurants. Markets such as Leather Lane, Exmouth and Smithfield are near by.

DOWNSIDE Lack of green spaces and little in the way of family life. First-time buyers were priced out a long time ago. Small flats are quickly snapped up.

THE NUMBERS

£504,091

The average property price in Clerkenwell postcode EC1M

Source: mouseprice.com

9.4%

The increase in property prices in EC1M over the past year

Source: mouseprice.com

46.5%

The increase in property prices in EC1M over the past five years

Source: mouseprice.com

£320

The cost of a whole roast suckling pig at St John (one week's notice needed)

Source: St John

Explore Property

• Buying & Selling

• New Homes

• Overseas

• Interiors

• Investment

• Gardens

• Cool In Your Code

• Specials

• First-time buyer

Times recommends

• Second homes: credit crunch casualty or money-spinner?
• How I built my own sliding house
• Top 10 incentives for house buyers