I will be moving to London for a year in August/September, where I will *hopefully* be working at a small school in Ilford, playing football, and NOT being in high school

I will be making what the principal of the school called "pocket money" (minimum wage I think), but will be taking a nice chunk of change over with me. The deal is, I will need somewhere to stay for a year that doesn't cost a fortune. My only thought has been to try to find some place where students generally live. My thought was that they will need cheap housing, and possibly be sharing a flat or something. The big advantage to this scenario (if it exists. please tell me if I'm off base) is that living with people my age will give me social contacts. Right now, I am going over to London not knowing anyone except the principal of the school.
This was way too long-winded, but it boils down to:
How do I find relatively cheap housing
Do students (or any young people) share housing? This would be particularly nice so it would give me a social group to be a part of.
Since I will be working (hopefully) in Ilford, does it matter where in London I live? (transportation, etc.)
Thank you for any help!