Peace Out wrote:
There is no such thing as inexpensive accommodation in London - ever. I remember 9 years ago paying 90 Euros for bunk beds at a hostel; we didn't even get our own bathroom. It would be cool to be there during the Olympics, but you will spend a fortune just to watch Rupp get his ass kicked by Levins (plus by now I'm sure there are no accommodations left anyway).
Then you got ripped off big time. You can get a hostel bed right in piccadilly circus for £25 and a 1-2 star hotel for around £60 (non-olympic times).
To the OP - I was looking this up for someone else recently and the best option I found was staying at the travelodge in a town called Chelmsford for £42.50 a night for 2 people then taking the train. This was bookable yesterday for random dates during the Olympics. Direct train is £20 each return (about 30 min. each way) to the olympic park in Stratford, last train back just after midnight. Ebbsfleet is another town with a direct train to Stratford to look for cheaper hotels. The London area has a huge number of hotels and the Olympics won't add that many extra tourists compared to an average summer. Good luck!