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First thing I'd do in your situation is to determine which size frame you're going to be looking for.
^ definitely the most important piece of advice.
If in doubt, just buy a 80's racer for under £100, ditch the gears, swap out the rear wheel so you can go fixed....
^ also good advice, but once you factor tools etc prices can creep. Although decent tools last a long time. I'd also look on eBay for Charge Plugs and Specialized Langsters - they were a cheap and common cycle to work choice so, they're not especially sexy so they tend not to command high resale value.
My other 2p would be, upgrade tyres before shinny bits and buy decent locks. There is a 'which locks thread'. Don't skimp. If you do have to skimp, choose something like the On-Guard Brute as a main lock and then one of the cheaper colored kriptonites as a secondary lock.
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hugo7
@edmundro
Beauty is in the eye of the beholder after all. Plenty of peoples beaters look far nicer than most of the pricey shoreditch poodles you see being 'slained around town.
As Ajo says, size and tools(if you're building up yourself) should be top of the priorities. Avoid anything overly obscure or rare to reduce headaches - for example french frames often have weird french threads in the bb and tiny seatpost diameters which aren't compatible with 99% of easily obtained parts.
If in doubt, just buy a 80's racer for under £100, ditch the gears, swap out the rear wheel so you can go fixed, learn to maintain it and spend the rest of your budget on beer/drugs/whatever else tickles your fancy while you plan a better build for long rides.