Hostels (either All-age or Youth Hostels) are typically only a good deal if you are traveling by yourself. Since they charge per person, the total can add up quickly if you have two or more traveling together.

Universities might be a good deal, but those in London are fairly expensive for very basic, sometimes run-down rooms in often inconvenient locations. However, public transportation often stops out in front. Many campus services may not be open during summertime or on weekends.

And of course do your investigative homework if you plan on staying in someone's house for free (like Couchsurfing) or for $$ (such as Crashpadder). Safest is staying somewhere where other visitors have reviewed the place and don't seem to be shills for the owner.

Check walking distance from public transportation. Confirm exact address and locate it on an online satellite map. Identify nearby grocery stores, shops, restaurants, laundromats, tourist sites, and other places important to your comfort and pleasure.

I agree with doing the homework on places before utilizing someone's home or opening up your home to some one you don't know. In this day and age, hidden cameras, and unknown sex offenders could be opening their home in hopes to score something. On the converse, you could let some one like this into your home, or more likely a thief who takes a souvenir from your stuff or is scoping out your place to later come back and take all. This is especially true for a house swap, but in that case, you know where they live.

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I've had terrible experiences with Craigslist, Kijiji and some of the other sites out there.