Accommodation
London has hundreds of options for accommodation to suit all budgets from hostels through historic bed and breakfasts (B&Bs), mainstream chain hotels and apartments all the way through to some of the most exclusive establishments in the world such as the Savoy, The Ritz and Claridges where a stay in a top suite can cost upwards of £1000 per night. Your budget will have a lot to do with what part of London you will want to stay in. Prices range from £20-£200 per person per night. Expect smaller than average rooms especially at the low end of this range. As a general rule, expect to pay between £75-£100 per night for a big name 2 or 3 star hotel in the central area of the city. The heart of the West End is the most expensive place to stay - most hotels are either 4 or 5 star and the few budget establishments that exist command a hefty price premium.
The City can also be very expensive during the week, as it relies heavily on the business market, but prices often drop over the weekend and it can be a good way of getting into a higher standard of accommodation that you could have otherwise afforded. Bear in mind though that this part of central London becomes a ghost town over the weekend, and you will find that few (if any) bars and restaurants will be open.
A top tip however is to always check the likes of LondonTown.com, Expedia and LateRooms as well as the hotel's own website - since there are often deals to be had which can reduce the costs significantly.
The extra cost of getting around is probably not significant compared to hotel savings further out. With the excellent Tube available where you stay won't limit what you see but be sure to check where the closest tube station is to your hotel. Staying further out will be cheaper but when travelling in allow 1-2 min per tube stop (near the centre), around 2-3 min per stop (further out) and 5min per line change. This can easily total up to a 1 hour journey if there is a walk at each end. A more imaginative alternative could be to stay in a nearby town with quick and easy train travel to London. For example, lively Brighton (otherwise known as 'London by Sea') is only an hour away, but your budget will go much further for excellent food and accommodation options.
Hostels are not necessarily as unpleasant as you may think, and as long as you don't mind sharing with others, they can be the most cost effective option, and also offer breakfast as well as kitchens for self catering. The "official" Youth Hostel Association of England and Wales (YHA) operates five hostels in Central London. Like everything else, you should book online well in advance - the hostels usually fill up on Friday and Saturday nights about 14 days before. A top tip is don't be put off if there is no availability left online, phone the hostel in question to see if there are still beds available or if there has been a cancellation. Some of the YHA's properties also offer a limited number of private family rooms - expect to pay around £60 per night.
Keep in mind that for foreign visitors, the YHA hostels will require to see a form of ID (a passport or national identity card) and a valid membership card from a local YHI (Youth Hostelling International)-recognised Youth Hostel association. For British visitors, a valid YHA (SYHA for Scotland) membership card is all that's required. For all non-YHI members, the YHA will levy a £3 welcome stamp per day.
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