It's often possible to get return
flights to many European destinations for £150 or under.
However, you probably won't find most European countries cheap when you get there, particularly at the moment due to the fall of the pound.
Cheaper countries in
Europe would be Portugal, any of the former Eastern Bloc countries - Prague in particular has been a popular destination in recent years.
Turkey is also still pretty cheap, if you include it in Europe.
Even in the more expensive countries it may be still possible to get cheap
accommodation of the kind that can only be obtained by turning up and knocking on the door, particularly say, in
France and
Italy - but don't expect the owners to speak English or take credit cards!
I guess
Iceland may also be cheap these days - apparently it's about the only currency the pound has gone up against!