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It's been quite a while since I lived in London but hopefully I can offer some insight.
As for areas to live in thankully the tube network makes it is easy to commute and gives you a fair amount of choice. I think Leyton, Stratford and Hackney could be good options but obviously housing depends on your budget mostly. A two-bedroom apartment will cost on average GBP 2,000 per month but then there are also other factors that come into play.
I suggest taking a look at the cost of living in London page for a full breakdown of prices.
Good luck
Shantalie
When you say other expenses? What exactly do you mean? Check out the cost of living in London page for a full breakdown of living expenses.
You can opt to live in suburbs such as Leyton in East London or Ealing perhaps. I'd suggest taking a look at the tube map for some ideas of commuting times. As long as the area is well equipped with transport links then I think you'll be OK.
Regards,
Shantalie