Thats pretty cheap for London. Where abouts are you living? I pay £330pw living in N1
Clapham, decent area but in a decapitated squalor, the mansion from the film Fight Club may be a fair example. It's just ridiculous how much landlords charge, I wouldn't be concerned if my rent was along the lines of 7% of house value - national average, but I think its probably more like 15-20%.