Placement/industry year in London?

I would like some advice about whether it is a good idea to move to London for my placement/industry year as part of my degree. I don't live in London and I don't have any connections for accommodation so I will have to find somewhere to live and pay for rent using my salary. So does anyone recommend doing this? Most opportunities are in London so I will be restricting the applications I can make if I don't live in London. Any advice from someone who has made this decision before would be appreciated. Thanks