It isn't true that airbnb rooms cost less than a hotel, at least in Central London. The reason they can appear cheaper is that you can cram 8 people into a small flat or even a room.

I was renting a room in a flat in Soho. The other floors slowly got converted to amateur hotels for airbnb/booking. Many a night, I'd see families stuck downstairs with luggage. They would then phone a capricious property manager who would tell them to walk about two miles to the key safe. Many a time, they didn't have a phone that worked in London, and I would lend them my phone. One angry customer checked in to the 5* boutique hotel next door after waiting for an hour. The hotel was about the same price. I wonder if he got his money back. I doubt it.

I don't book airbnbs. Hospitality is not for greedy unregulated amateurs. Of course, there might be some great hosts, but I like consistency.