I think the issue will be more to do with the ECs, which generally take place at 7-9ish at night, and the socials for them which most people can't commute from, though with London you have night buses.
In terms of social I knew commuters (at home, we weren't allowed to commute to my uni) who had good social lives, but inevitably you won't be as good friends as people who live together as a) You don't spend 10 hours or more together every day and b) your primary support network is still elsewhere, whereas for people living in halls their mates are the first ones they have to turn to, not their family any more.
If you get on with your family and aren't that fussed about either ECs or the whole 'friends for life' aspect then commuting's fine, it certainly doesn't have to ruin your uni experience, even if it would ruin some others'.