Rega isn't going to bettered musically for the same money. It's pretty-much at the top of the game. However, that's not the same as saying it's the only game in town. Depending on priorities, there might be a better fit with something from the other prime contender, Pro-Ject.
The Pro-Ject Essential III A is functionally the same as the Rega, but comes with an acrylic platter rather than glass, hence the A. Acrylic is good for sound, and particularly for platters. The £359 RRP isn't far away from the Rega at £429, except right now - if you're quick - you won't pay £359. Due to a line-up change, the remaining stocks of these very capable Pro-Ject TTs can be picked up for just £239.
I'm not going to tell you that the Pro-Ject is the sonic equivalent of the Rega. It isn't. If the Rega is a 10 then the Pro-Ject is an 9. Would you hear the difference? Given enough time and bigger budget than your friend's then the answer is.... probably. For someone used to listening to a variety of turntables then they could point out the differences. For the more casual listener, I doubt they'd be so picky. In a blind test, they'd be hard pressed to reliably pick one from the other.
A saving of almost £200 over the Rega goes a really long way to buying better speakers, which could be argued would have a much bigger impact on the sound over all compared to the far more minor difference between two turntables.
