Um, good luck...
Ok, I wouldn't consider myself an expert on the current housing situation in London, but I wouldn't expect you to find it very easy to find a place with an easy commute to the City for less than £400 pcm, and possibly more like £500. I guess it depends on what kind of accomodation/amenities you are looking for though, and how picky you are about area (I'd be happy to answer any questions you might have about any specific areas you're considering).
I suggest you try
www.gumtree.com - this tends to be a site where people are offering rooms in properties which are already let to a group of tenants, one of whom has moved out. At least that will give you an idea of what's out there.
Good luck
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