+1 on the skipping rope, an indoor cycle is terrible for fitness or losing bodyfat their are far better options out there, 1 hour on the cycle is like 15 mins of skipping.
for cardio the best you can get is a concept 2 rower (£1.4K brand new), its a lot nicer on your knees than a treadmill and gives a full body workout. but generally people do prefer treadmills.
anything you buy for £200-£300 will break easily and force you to spend even more, the best thing you can do is join a gym, failing that a skipping rope.