Earlier quoted context omitted.
For housing = yes it is crazy. For loads of clubs - you'll pay the same. There are hundreds of tiny clubs in London - many offering free or very cheap entry every night of the week. Yes London has a few expensive clubs (that are generally rubbish once you are in if you aren't paying for champagne) - it has loads of great places to see live music, comedy, djs and acts for pocket money. Just pick up a copy and Time Out…
In my experience the drinks tend to be quite a bit more expensive.
But yes - if you want cheap drinks, London is not the place to come.