I'm not sure how cheap you want to go but I've just had a look at the Music Room range of mandolins. There is only the Crafter under £150. The next cheapest is £399.

I think the Crafter plays very well - I find it easier than my Vintage but I find it lacking in volume (unless of course you plug it in) - quite the opposite to my Vintage in that respect.

I suppose it depends on what you want the instrument for. In my case, its sessions with pipes, fiddles etc. I have tried a friend's Crafter playing melody in that environment but I couldn't really make it heard by anyone else.

Oh, they also have a resonator mandolin. I wouldn't mind trying one of those...