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@prototype
i;ve seen fixed/ss bikes go for less than £200 on ebay. that said, they've not blown my mind away re components etc.. I'd day conversion is the way to go. Bought a 80s peugeot racer for £50 off ebay and turned it in to my knock around bike.
frame size does depend on other factors like how long your legs are but generally i'd say anything from a 51cm to a 54/55cm.