How about scones, tea, and a slab of double-chocolate cake for $14 on Trafalgar Square? Afternoon tea for a mere $14 is unheard of with today's wallet-draining exchange rate, with the British pound worth nearly double the U.S. dollar.

But you'll find it at Cafe in the Crypt, downstairs at St. Martin-in-the-Fields church.

See - the easy-on-the-wallet London does exist.

Furthermore, late September till Easter is the shoulder season for airfares, so fall travelers will find bargains getting there.

For example, checking American Airlines' flights from Philadelphia to Heathrow airport for a Nov. 6-12 round trip with one stop turns up a $710 fare. For those same dates, US Airways' nonstop from Philadelphia runs $768.34. Those prices are approximately half summertime airfares. And November in London isn't excessively cold.

Real fall savings can be found with airline vacation packages, which include both airfare and a stay at a middle-grade hotel.

Travel with United Airlines before Nov. 16, and the round-trip air fare plus four nights in a London hotel will run $899 per person. Virgin Atlantic has a three-night package for $939 and six nights for $1,139 for travel Dec. 18 to Jan. 3. The booking deadline is Sept. 18, and the flights are out of Newark Liberty International and JFK.

Sleuth Like Sherlock

As in any city, the trick to finding good value is to avoid places where tourists go. With the exchange rate so daunting at nearly $1.85 per pound, you'll also need to be a tad flexible.

Cafe in the Crypt, an award-winning restaurant, serves lunch, tea and dinner cafeteria style. There go your white tablecloth and snappy waiter. Still, the newly remodeled cafe is a hot spot.

Therein lies the trick - locals like good value too. You'll need to call up your inner Sherlock Holmes and sleuth a bit - talking to locals and the concierge and checking online to find affordable hotels and restaurants.

Since lodging is the biggest pocket drain, I shopped around before my May hop across the pond. I turned up a quiet night's sleep in a pretty Kensington neighborhood for about $172 a night for a single. The spiffy, modern hotel, called base2stay, offers a room with a coffeemaker, microwave, flat-screen TV, single bed, desk and bathroom.

No maids placed chocolates on my pillow, and the single room is very small. But turn-down service is a luxury I don't miss, and I like small rooms. Claustrophobic types might prefer the double room.

I noticed that the front-desk clerks at base2stay were busy checking in business travelers - evidently also fans of this modern, no-frills hotel.

For some travelers, though, a proper visit to London is as much about the British antiques in the drawing room as the city itself. To get that Jolly Olde England feel, you'll have to drop a bit more coin - but you can still find good value.

I like the Montague on the Gardens Hotel, charming and centrally located in Bloomsbury. This converted Georgian townhouse tucks antiques around the fireplace, and a garden blooms outside the breakfast room. Rooms, small with modern decor, run about $333 for a double.

The hotel is next to the British Museum, near Covent Garden.

Catch the Buzz

This is a wonderful town for walking, and many hotels will loan you a big "brolly" (umbrella) to get out among the locals. Popping into shops, pubs and restaurants will give you a glimpse of what London is up to these days - abuzz with architectural feats, artful interior design, edgy high fashion, and a sense of fun.

After glimpsing a few price tags, you'll likely drop the idea of shopping, which then frees you up to head to high-end stores and salivate. Fortnum & Mason is a delightful emporium of gifts, food and tea paraphernalia.