I commuted for the first two years of uni, it took me roughly 75 minutes each way.
I'm sure you are aware of the advantages which are saving money and able to focus more.
But let me tell you the disadvantages...you can focus more on studies only if you feel that at home you have a good working environment. I lived in a house with 4 younger kids so you can imagine how crazy my house was. This led me to only revising at uni so I would make daily commutes to my university library and study there. It was hard.
Also you may not save as much money as you think, I spent a lot on eating out with friends so take care with spending budget. Check for train or bus passes. There's one called System One which is pretty good (although every year it rises above inflation!!) you still save money and its very convenient having it.
Public transport in the UK is awful. I don't know if people have ever used the Northern Rail but it truely is awful. During peak times they seem to use the worst quality trains and there is so much overcrowding that you can't actually study on the train unless you have like podcasts or browse on your phone. Trains can be very unreliable, a direct train to the station which was close to my uni was just every hour so if you missed it, you are screwed. I'd say 10% of the time there would be a delay of 20 minutes or greater, another 10% of a delay of 10 minutes. So thats 20% of delays greater than 10 minutes....it can get very annoying trust me. Don't believe the statistics the train companies provide they think a delay of 8 minutes is acceptable as not being delayed....Its not in my opinon lol.
There have been days where I just get so angry inside thinking about how the trains get so late and can get so overcrowded.
During exam time, public transport also becomes an issue because you have to ensure you arrive before the exam starts so if you have a morning exam then you need to wake up very early. There could be a small chance your train delays or stops midway. I had to wake up at 6am, get ready and be on the at 7am so just I could be in the city by 8am.
Making friends is obviously more difficult but still possible just be proactive and speak to lots of people. If your parents are happy for you to go on nights out and stay over at someone's hall then that can be helpful in socialising.