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@somebody
forest gate to covent garden is 30 - 40 mins depending on how quick u are and whether it is windy.
forest gate is in east london and an increasingly asian area and lively. it is one of the cheaper areas of london.
i have never used it but i hear the gum tree website is good for house share.
i would not worry about the area. you can get everywhere quick on a bike in london. and i dont think there are no go areas in london. (there is nowhere i would not go). i would concentrate on finding nice / like minded people to live with and that is within your budget.