Even a short stay in London can cost a pretty penny. Bargains are virtually non-existent but there are a few options that give genuine value for accommodation.

Youth hostels are a cheap option, especially for families who don’t mind sharing a single room.
The YHA in London Central is situated just behind Oxford Street in the heart of London and has just undergone a complete refurbishment, while the YHA in Holland Park has one of the best locations in the city. Being located between the elegant inner suburbs of Notting Hill and Kensington High Street, the YHA Holland Park allows guests to enjoy breakfast with stunning views of manicured gardens. Both hostels offer rooms sleeping for from around £45 per night.

For backpackers, St Christopher’s Inns are a chain of three lively hostels near London Bridge. They are perfect for meeting new friends, travel buddies or drinking partners. Dorms cost as little as £16 and twin dorms £25 a person.

Visitors to London who seek something more upmarket or luxurious will find that it pays to haggle. The global financial crisis has seen many hotels forced to lower prices, especially during the week due to the collapse of the business market.

When it comes to haggling with hotels, the best approach is to phone after 3pm and ask about availability and price. if you tell them it’s a bit more than your budget. If you make an offer around 30 per cent lower you’ll find how often you can get the room at a discount price.

The Travelodge chain of hotels provides exactly that. They aren’t the most luxurious of hotels but are tremendously affordable. The company has 15 hotels in or around the city centre including Covent Tower, Fulham and Tower Bridge. Double rooms are as low as £29 per night or family rooms £32. Every room has an ensuite, king-size bed and television. The best deals can be found online.