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You could always try staying in a homestay. I did it a few years ago it was pretty good and much cheaper than staying in a hostel/residence etc. I stayed with www.londonhomestays.com and studied at St Giles in Central London. My course included a 6-week internship and I stayed the whole time with one family. They were really nice and I still email them now and again.

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Q: Where can you stay in London that is not too expensive?
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