In 1985, a bike with Reynolds 531 tubing would surely have cost more than 200 GBP.

The first bike I bought for myself was a Raleigh Super Course, in around 1970. As I recall, the main seat tubes were 531 but the forks and stays were lesser steel. It was the cheapest Raleigh with any 531. As I recall, that bike was above $200. Lots of lawns mowed!

Yeah a 3000 GBP bike is still quite on the high end. Another sort of spectrum... why do you want a bike? 1) to ride around; 2) to get physically fit; 3) to keep up with other riders; 4) to race; 5) to win.

These days I think $1500 gets you a very nice bike. Maybe $500 is about as cheap as I would recommend to anyone for a new bike. Still quite expensive for lots of folks... though what is that, three pair of fancy sneakers?