The secondhand market as Stu said can be great if you're lucky.
Back in 08 I managed to get an 08 GT avalanche 1 that was 2 months old for £350, it was too big for the original owner. Thanks very much! I wouldn't have been able to afford it at full price, and am still really happy with it and no upgrades needed so far.
you can often find bikes ridden very little for a great price, not in you range but friend of mine managed a £1600 spesh pitch pro for £1100, so just have a look around for a £500-600 possibly? or just wait till winter for '10 deals
Remember for your £350 you might need other stuff as well - helmet, pump, lock, tools etc.
This is a valid point I found out the hard way... My budget was £300-£350. Bike cost me £370, then I've spent another £100ish on grips, bar ends, helmet, lock.... still need toolkit, inner tubes, etc etc.
Posts
http://www.bikeradar.com/forums/viewtop ... t=12640231
Remember for your £350 you might need other stuff as well - helmet, pump, lock, tools etc.
If it doesn't move and should, use the WD40.
If it shouldn't move and does, use the tape.
Merida
Austria 2012
Great bikes.
VOODOO CANZO
Come and see me at https://www.facebook.com/biketyke/
Back in 08 I managed to get an 08 GT avalanche 1 that was 2 months old for £350, it was too big for the original owner. Thanks very much! I wouldn't have been able to afford it at full price, and am still really happy with it and no upgrades needed so far.
Giant Defy
This is a valid point I found out the hard way... My budget was £300-£350. Bike cost me £370, then I've spent another £100ish on grips, bar ends, helmet, lock.... still need toolkit, inner tubes, etc etc.
Still grinning though
http://www.flickr.com/photos/gezsugg/4955003406/
For the money your looking to spend I'd go second hand, but only if you have someone who can assist.
Sometimes you can get 50% off the list price which means a decent bike for £350.