I'm planning on doing exactly that in London in a few months. I've done it once before (although in Toronto - which is much further away from me). As a freelancer I was able to scrape by in Toronto and I plan on doing the same in London until I can find a job. I've had offers in the past from companies in London so hopefully it won't be too hard to find something. As for meeting people I'm planning on sharing a flat with strangers. In Toronto I got a 1 bedroom apartment and it was the worst decision I made. I feel like if I'm living with 3 or 4 other people (at least for the first little while) I have a much better chance of meeting people and assembling a group of friends.