Expect a double-decker bus with an open top that loops past the major sights: Big Ben, Buckingham Palace, Tower Bridge, Trafalgar Square, and the museums. You can hop off to visit something and catch the next bus that comes along, usually every 15-30 minutes. The commentary is recorded and ranges from decent to cheesy; live guides on certain routes are better but not guaranteed. It's convenient if your time is limited or you don't want to plan public transport, but in heavy traffic the bus can crawl slower than walking or the Tube.
Summer (May-September) is the obvious peak season with longer daylight and better odds of sitting on top without freezing, but that's also when every tourist is in town and traffic is worst. Shoulder months like April and October give you a decent compromise. Expect to pay around £25-£45 for a 24-hour ticket; 48-hour tickets are usually only a little more. Family tickets and online advance discounts can shave a few pounds off.
Pick the route that includes the areas you actually want to explore and skip the ones that just add loops through residential neighborhoods. If you're staying central and plan to use the Tube anyway, you're often better off buying an Oyster card or contactless instead. The bus is most useful as a tired-feet rescue on a hot or rainy day when you just need to get from one side of the city to the other without changing trains.
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