Fireworks Night - Bonfires are lit around the city to commemorate the Gunpowder plot and Guy Fawkes is burned in effigy. Lord Mayor's Procession and Show - Inauguration of the new Lord Mayor. London is usually less crowded in July and August when most of the locals take vacations at the resort areas. You might find the city a little lacking in nightlife during those months. London is very active in the winter, but weather can be inhospitable.
Hostels are the cheapest way to go.
Hostels are supervised, low-priced lodging reserved especially for young travelers. A major drawback to budget hotels is that they are quite a distance from the city. London is well known for its quaint bed and breakfast inns. London's most famous form of public transportation is the double-decker bus. They, like other less famous buses in London, are readily available, but there are no standard rules for the way they work.