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If you want a cheap, safe and relatively clean place to stay, try the Picadilly Backpackers hostel (http://www.piccadillyhotel.net/ ). I've stayed there before and will stay there again when I'm back in London this summer.
They have a 24 hour front desk security and you can't beat the prices or location (literally 2 minutes from Picadilly Circus). It's within walking distance of Buckingham, Big Ben, etc.
Price wise, it's 39 pounds (weekday) or 47 pounds (weekend) for a private single room. Alternatively, in the dorms it is only 15 to 20 pounds per night depending on how many other people are in your room.
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Theme: Hostel
Comparison: less expensive than average
Prices: US$40-80
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Address: 12 Sherwood Street, , London, England W1F 6BR
Directions: Just around the corner from Picadilly Circus.
Website: http://www.piccadillyhotel.net/
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