I just paid £350 for mine.
SJ1000 are too heavy for the little engine and SJ1300's are too expensive.
Suzuki X90 - Hmmmm... Errrrmmm... basically an SJ1000 only without a chassis. Lighter, nippier but off road at your own risk.
Subaru Justy's are great but parts are harder to come by than Panda parts (mine was a write off because one of the front CV's went).
Subaru Vivio shared the same 660cc triple as the Dihatsu Domino, nippy but not very quick or any good off road. The Domino Turbo bits fit the Vivio engine making the car a 14 second quarter mile muncher.
Vitaras are dirt cheap and if you fit a set of decent tyres to a V6 and jack the thing up an inch or two there's a lot of potential.
Freelanders within budget will be crap.
Discovery's within budget will be terrible, rusty or knackered.
£500 for a Range Rover classic could be a decent shout but expect one needing a fair bit of work, not economical or particularly easy to live with.
Ford Ranger an early one will be within budget but if it has the 4.0 V6 make sure the service book has more stamps than Riverdance or walk away.
Vauxhall Bravo - "Don't you mean Fiat Bravo?" No the Vauxhall Bravo used the Isuzu platform and bits of Frontera to make an under rated and apart from the Vauxhall bits pretty good pick up truck.
Dihatsu Fourtrack is well within budget but with good reason. They aren't very good on the road and not great off road. Gutless, slow and about as entertaining as a Loose Women Twilight special.
Dihatsu Sport Track a bit better, less weight, shorter wheelbase, same gutless engine but potential.
Honda HRV and CRV basically a Civic that tilts if you think about driving around a bend. Available within budget the CRV is better but the HRV is better equipped. Saying the CRV is better than the HRV is a bit like saying having a Vasectomy is better than being chemically castrated though.
Vauxhall Frontera - An Isuzu that goes rustier and breaks down more often.
If it were my money I'd be looking for an early one owner from new Toyota Rav4. The 2.0 engine is the same as the Celica and MR2 so various levels of tuning are available. Including a GT4 or MR2 Turbo conversion making the little Rav4 a serious Paris Dakar jobbie...
...but that would be sensible. Why not get a cheap Subaru Impreza, jack it up and stick some tyres on that?
http://www.ebay.co.uk/itm/1994-SUBA...9443703?pt=Automobiles_UK&hash=item2581add777