You may be able to get one for around that much, although it's likely to be SVGA, 800 x 600 (so 4:3). So in that respect, I'd recommend expanding your budget a little and aiming for a 1280 x 720 (effectively 720p, and widescreen) so you have less wasted pixels when watching widescreen sources.
www.projectorpoint.co.uk is one of the only sites I can link to because AFAIK it's not a competitor. It has a wide range of projectors across a variety of price points.
Should be just about doable. Lots of 720p projectors go for that with <500hrs on avf. I got a Sanyo PLV-Z3 for £330 this time last year, im sure you could get a Z4/HD65/equivalent for that.
Well worth it. You'll struggle to get a screen in that budget mind.
Not supposed to discuss outside of the MM but if you want you can email me (in trust) with a price. Although Sheffield is to far from you for collection/.
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