You'll live fine on that. It won't be super luxurious but a good lifestyle is possible. As others have commented rent is a big expense and council tax, utilities will easily add £200 on top. If you are only coming to London for a couple of years my advice would be keep the commute simple and quick even if costs more and gives you a smaller flat. Nothing will dull the joy of London faster than a 1h15 min each way commute on bus, train and tube. Mine is 40mins, half of which is walking and that just about works for me.