Come along to the amazing Summer Moot (21st July - 2nd August), a festival of bushcrafting and camping in a beautiful woodland PLEASE CLICK HERE for more information.
Just a thought. How about asking your local police station if they have any unclaimed lost property bikes up for grabs? You may find something of decent quality, and be able to use your budget to repair/replace parts to suit your use and needs.
They don't really do that sort of thing at police stations. I tried to get some for our charity but they send them all to auction to raise funds for the Police.
Security, don't go cheap on this. I can recommend this and this.
Buy both, it will make stealing your bike just a bit harder.
Registering your bike won't do any harm too. You can do it here
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