yeah the £50 reserve thing is ridiculous especially if what you are selling isn't worth £50. You can't put a reserve on it so the only option is to start at the lowest price you would take, and then it deters bidders from bidding.
For the last say 100 auctions I have had on eBay, I have started the bidding at 99p, if the item is wanted it will find it's price, plus the 99p start encourages more bids.
I know it sounds risky, but I have watched items exactly the same as I am selling with a high start price, not get any bids at all, whereas the one I am selling has reached a higher amount.