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A 1 bed flat in Bloomsbury will cost about £1400 a month. It will be small - about 500sq ft. Add about £800 for living on and you're looking at at least £2200 each month.
If you will be attending UCL, areas you may also want to consider are Islington, Camden,Clerkenwell. Accommodation in London is very sub standard, especially on a students budget. I go along with Griffins estimation of how much you will need to live on, although it possible to live on less.
I'd suggest using rightmove.co.uk if you're looking for private accommodation. Or you could try renting a room in one of the private postgraduate halls for the first year (e.g. GradPad). They tend to be quite expensive (200-350 pounds/week) though. Also, check out gumtree.com. It has loads of private ads for private houseshares etc.
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