Manhattan transfer

For some Londoners, watching Sex and the City is not enough: they want to live it. The number moving between Manhattan and London is so great that there is a term for them now: "Ny-Lons", New York Londoners. The cities offer a shared metropolitan buzz, but New York has even more of a 24-hour culture.

The right New York property has heaps of personality - think big loft apartments with exposed brick walls, beautiful old brownstone buildings and roof terraces looking out over the Manhattan skyline. And the strong pound means new Ny-Lons get more for their money. "The favourable exchange rate, combined with low US interest rates, makes now the best time for Londoners to buy property in New York City," says Pamela Liebman, of residential firm The Corcoran Group.

However, most apartments are smaller than back home. View one advertised as having a "powder room" or "half-bath" and you will find that you have only a shower cubicle. Simple things, such as a bath, a separate bedroom or enough space for a dining table cannot be taken for granted.

How to take a bite

If you want a taste of the Big Apple, the first step is to find a job. Some industries particularly welcome Londoners. English accents are commonplace in magazine and book publishing, advertising, fashion design and banking. "Your employer should handle the visa application and house you for at least two weeks," says Mark Ellwood, a travel guidebook writer who moved from West Kensington to New York five years ago. "And, as a foreigner, you need someone to countersign your lease. If you don't have relatives in the US then make sure your company is willing to sign it."

Finding an apartment

The usual way to find an apartment is through a realtor or broker (both the UK equivalent of an estate agent). This means paying an array of fees, including key money (a broker's fee of about 15 per cent of the annual rent) and a deposit of up to three months' rent.

Save on fees with private listings such as website Craigslist (www.newyork.craigslist.org) and free weekly newspaper The Village Voice. Property ads are published on its website (www.villagevoice.com/realestate) at 1pm on a Tuesday. "I found my rent-stabilised apartment by looking on the website at exactly 1pm," says Ellwood. "I was the first to ring and I had the first viewing the next day. I took it on the spot."

"Rent-stabilised" is just one of the many pieces of property jargon to pick up. It means rent goes up by only a small percentage each year. Producer
Kate Briggs moved from Southgate to the Upper East Side eight years ago and has seen the long-term benefits of her rentstabilised apartment: "My share of rent on my duplex is $575 [£300] a month, which is ridiculously cheap."

Buying in the Big Apple

Buying in New York is expensive. The average two-bedroom Manhattan condo sells for $1.028 million (£539,300), according to The Corcoran Group. And most apartments for sale are "co-ops", collectively owned buildings where a board of residents interview prospective buyers. They can ask all manner of personal questions, and reject you on a whim. Mariah Carey, Carly Simon and Madonna have all been turned down by co-op boards.

Despite the strong pound, Ny-Lons with money to invest might be better off renting in New York and owning in London. At least if they ever tire of the Big Apple, they will have kept pace with property prices in the Big Smoke.

Neighbourhoods to watch

From bargain basement to achingly hip - New York has it all.

Upper East Side: A traditionally expensive area directly east of Central Park, but now the best bargain in Manhattan for rentals. One downside: only one subway line, which is crammed at rush hour. Meatpacking District: West of Greenwich Village. Former industrial warehouses now home to bars and hip boutiques. Nicole Kidman owns a Perry Street condo. Rents are rising, but great schools and the nearby Hudson River Park mean that they are worth it.

Tribeca: After suffering post-9/11, the "Triangle Below Canal Street" is thriving. Commercial and residential spaces rub shoulders in highrises. Beautiful loft apartments, great restaurants; still undervalued.

Harlem: Get a floor of a Manhattan brownstone for the price of a shoe box downtown. New stores, including H&M, signal the latest phase of Harlem's rebirth. Plus, you are right beside Central Park.

Brooklyn: Up-and-coming "Dumbo", the area "Down Under the Manhattan Bridge Overpass", has beautiful views of Manhattan across the East River. Elsewhere in Brooklyn, areas such as Park Slope, Brooklyn Heights, Cobble Hill and Fort Greene offer leafy, wide streets and beautiful, family-friendly brownstones.