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@lenk
I have come to a conclusion that £700(This is due to the fact that the pound has weaken significantly) is the bare minimum you need to build a **new **bike with new components by sourcing your gear from online retailers. This bike will have the absolutely cheapest bottom of the line generic recommended components. The cheapest decent track frame I found is the BLB frame(IRO?) coming in at £199, the IRO Mark V around ~£220 which is hard to come by. Then you have your standard formula/ambrosio/system kit and some rigida rims. And this is building it yourself. And NO this would not be a very nice bike, it would be a nice basic custom cheapo bike.
It is possible to build it cheaper by using 2nd hand gear, but it needs a lot of patients and time to constantly hunt down parts on ebay and various other places. Unless its a pet project or time is cheap for you, it may not be worth the time.
Looking at the BLB OTP bikes at £675 and Condor bikes certainly looks like a bargain. Maybe I can even buy these bikes break them down and sell the parts on ebay, it would be a profitable business.
Anyways, I still haven't gotten a bike. :(