Just like hotels – hostels in London tend to operate a variable pricing system. The most people per room te less you pay, however the closer to key dates such as new years Eve the most you’d have to pay. Some hostels will even only let you book dates like New Years Eve if you’re prepared to block book for 2 or 3 days around that period.
This is in fact the largest hostel in Europe. A form police barracks, this hostel has over 800 beds and over 200 rooms with everything from private rooms to huge dorms. It has it’s own bar. The hostel has a security guard on duty at night to ensure that only people who are actually staying in the hostel are allowed into the complex. This helps to keep the huge hostel secure, and reduce thefts, etc.