There is another option.
It's cheaper, lighter, more portable and (to me anyway) a lot more fun.
FLPA
Foot Launched Powered Aircraft.
Or to the uninitiated a hang-glider with an engine attached to the pilot!
The wing folds up onto the roof of your car and the power unit will fit into a large boot. (car not a wellington)
Cost of a suitable second-hand wing: £500 - £1500
Power unit: Brand new £3000, used, £1000 - £2000
Training: No idea at the moment but check with the BHPA (British Hang-gliding & Paragliding Association).
http://www.bhpa.co.uk/
or try Airways in Derbyshire
http://www.airways-airsports.com/
For more info try here.
http://www.hanggliding.plus.com/powered.htm