Max loan is about £6k (inc London weighting). Depending on household income you can get a grant of up to about £3k, but this comes off the max loan you are eligable for.
PLUS you have tuition fees of nearly £3.5k/year.
Scottish students get slightly different (better, iirc) support.
Basically, large debt awaits, but you don't start paying anything back until you are earning £15,000 per year.
By next year do you mean 2011?
If so you might want to wait until after the general election, because there will be a review of tuition fees and it is likely that universities will be given a lot more freedom to set their own fees. Fuck all the political parties for agreeing not to discuss this before the election.
Personally, I would certainly apply/go, as long as the institution you attend has a good reputation (basically not ex-polys) and you are not studying golf course and surfing management. University is about more than the learning, innit.
Regarding accomodation, if you have applied this year and have an offer from a London institution, accept it as first choice pronto and get the accomodation forms in- they are often first come first served.