Cherry

The body for the £100 guitar will come from these planks. It's cherry, and cost me £55 for the 3 planks. I reckon there's enough wood there for 3 or 4 bodies, so it should be about £15 for the body.
The neck that you can see on top of the middle plank is an eBay buy. I think it cost me £5. Obviously, for that money, it's not the best, but with a little work to re-finish the back, and some effort into levelling the frets, I think it'll do.

So that's a total of £20 for the wood ... the budget's looking good so far.