Not really on topic, but do you really need to practice for more than 8 hours a week? That's a lot of practice hours!
£10 an hour for a fully equipped room sounds pretty good though. I've used a lot of places that charge £10 an hour just for the room and PA, then any backline or drums/cymbals are extra per hour, but they were good rooms with fairly decent equipment. Obviously it would be ideal to have your own space though, and I'd have thought that you'd be able to find something for around what you're paying already.