I'd say as long as you're staying away from home, you'll have a social life of some sort.
If it's cheaper and closer than uni halls, you'll probably find there's a fair few students from your uni there anyway, maybe even in your flat.
Your freshers week will be different, as there's no guarantee the people in your new bubble will be at your uni, which could make any in-person events more difficult.
I don't think you'll miss out on a lot though. There won't be a huge social scene this year anyway, because of covid. Much of your freshers might be online (mine is, only a few in person events). Basically, don't worry. You'll have a social life of sorts, it just might include spending time with people outside your uni.