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@Hars
You'll earn more dosh in London, even with a crappy job. For around £350 a month you'll likely be sharing with 4-5+ people in an old victorian conversion. A mate of mine lives in Acton and is paying that, but living with 7 people in a bit of a shithole. Try your hardest to be in Zone 2 as any further out will suck major arse when trying to get home from town after the last tube has gone (unless you ride everywhere).
Another thing to consider is that most places will want 8 weeks rent up front before you move in, 4 of which will be your bond. You're going to need £700-£1000 before you even move in.