Hmm.
Tread carefully.
We just stripped a lavatory here at home. On the other side of the wall was the flue from the old boiler.
Over time, the condensation from the single-skinned flue had soaked into the wall and caused the plaster to blow.
Someone had just stuck up some hardboard and papered over it - of course in time, the board had blown and started to mildew.
So, after discovering this, the only course of action was to remove the board, dig out the rotten stuff and have the wall reskimmed.
I'd recommend getting someone in to do it - of course, being in London you'll have to wait forever for someone and it'll cost you a wedge.

It's not the sort of thing you'd want to just have a go at, a good skim is an art form.