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@Dylan
oh cmon, you can source 2nd hand parts for a respectable £300 bike build.
It's definately possible.
If you buy new then no it's not.
It will probably take a lot of lurking around gumtree, ebay, here and a keen ear,
but you can do it, it's just takes patience.
edit]
don't skimp on the frame and wheels. concentrate on getting those spot on :)