14 years
There are a lot of hostels in London. I think the crucial number is: how full is the population of hostels as a whole? If, say, it is bursting at the seams in July, then a new hostel would likely soon get 100% in July, and various lower levels in other months. On the other hand, if the number of hostels has adjusted itself to be just right to absorb the July guests in a given year at 100%, then one year there is a downturn in the market by 10%, then ALL hostels could expect only about 90% in July that year.
I think the average standard of London hostels is lower than in most of Britain, and there's a shortage of hostels that I would recommend as sociable to the single traveller. It's reasonable for many hostels in London to be large, but that often means they are rather impersonal. And quite a few of the smaller ones tend to take long-termers and typically have a TV room, a poor kitchen or none at all, and a lack of areas where new travellers can easily meet and make friends.
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