Manchester Vs. London

Manchester is fantastic. That is all.

I really enjoy London, but the cost of living is rather high... I would even edge on unreasonable.  If finances are really going to be tight, you may not be able to partake in all London has to offer if all your money is going to be eaten up by stupidly high London living expenses. 

Was speaking to the husband, who was into acting (and got into Rose Bruford). He would rank Rose Bruford and Bath Spa as the two to go for academically. ETA: Rose Bruford is Gary Oldman's alma mater. (and for grammar) End ETA.

If you want the London experience (keeping in mind the cost), then Rose Bruford (one of the oldest acting degree programs); otherwise, for a more 'English' experience, Bath Spa (ranks well for costume design / theatre production, in his experience), and the costs will be lower:

http://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=United+Kingdom&country2=United+Kingdom&city1=Bath&city2=London&name_city_id1=&name_city_id2=

Manchester, for me, is preferred overall to London. But I can't see it in your current options for study, if I understand your plan right. However, a holiday in Manchester is a great idea and a great place to base yourself to see other UK bits or even pop over to mainland Europe.