The slang in London changes constantly, words are always coming in and going out of fashion. Even different regions of London have different words for things. Have a look at this site http://www.ogmac.co.uk/sidcup/stupid.htm, which someone from Sidcup, just outside of London to the South-East has made, which includes a lot of very poor slang English, and a couple of links to local pikey speak. A lot of London slang nowadays isn't proper rhyming slang anymore.

yes, and a lot is made up by people from all over the UK. I like the fashionable practice of substituting words with the surname of a famous person to mean something:
"I'm going for a Heskey" = I'm going for a meal. THis comes from the footballer's name 'Emil Heskey" - Emil - sounds like "a meal"!

or...."I'm going for a Ruby" = from Ruby Murray (famous commentator) = curry.

There's some in Scotland too. Going to the pub for a mickey, for example. (Mickey Jagger - Lager, but it only works if you say it with a Scottish accent.)

Hehe - I like that. :-) Any more? I also read there are rhyme slang expressions that derived from jewish, e.g. rozzer for police, from the heb word "chazer" for pig. Fascinating lingo!

Cheers

going up the apples and pears (going up the stairs)

trouble and strife - the wife

Get up them dancers (dancing pairs = stairs)
Skinning blister = sister
tealeaf = thief
slate (off the roof) = poof - surely dated now

@Mikko
There are lots more, but I can't remember. I'm sure once the ball's rolling, you'll be inundated. It's good to hear the newer ones too, like going for a Ruby. Love it.

Has anyone heard of "I'd like a couple of Britneys" (Spears = beers)? Oh, and then there's the obvious one's that everyone knows like "plates of meat" (feet) or "Have a butcher's" (hook=look)

I've got two:
Dog and Bone (Phone)

and (Notice no comma before 'and'):

Investment Banker (You can guess)
Usage: I don't like him, he's a complete investment banker!

Me and a friend recently visited Germany and whilst there we went a to concert for a hip-hop band called 'Blumentopf' (meaning flower pot)! We had had a few drinks and we somehow came up with our own Cockney Rhyme slang word for head, which mixed in a bit of German, which was Blumen - because Blumentopf rhymes with Kopf, which is german for head!!

I think most of the modern ones are rather constructed, as are many of the older ones listed in online dictionaries.

I can give you a list of Cockney rhyming slang expressions that I would understand, and are still be used by some (in the right context). Often the rhyming slang expressions are used only in set expressions, or in one particular meaning of the word.

In context:

He's doing bird.
What did you expect? He's a tea leaf.
I gave him a kick up the khyber.
'ello me old china!
Let's 'ave a butcher's.
He's a right berk.
He blew a raspberry.
Me plates a' killing me.
Use yer loaf!
Stop rabbitting on.
What's up with the trouble?
She's got a nice pair o' bristols.
I didn't say a dicky bird.
Are you telling porkies again?
I don't Adam and Eve it.
What a load of cobblers!
I was all on me Todd.
It's the Sweeny!
Quick! Scarper!
I've lost me titfer?
He was completely Brahms and Liszt
I didn't realize he was ginger.
'e 'ad this enormous 'ampton.
I need a Jimmy Riddle

Is this meal really Kev?
Kevin Keegan = vegan