A good place to look for property is:
http://www.rightmove.co.uk. As for the best place to live in London, that's all relative. Where are you working? How long do you want to spend commuting? How much do you want to spend? As for how long you can expect to rent before buying... again... how much money do you have? What kind of contract do you have? You CAN get a 95-100% mortgage here... but you will need a credit score to do so, and it usually takes a couple of years to get a credit score. If you have a sizeable amount for a down payment you could get a mortgage now.
Good luck... let us know what you find.