TimD
South Africa a good option but I'll say it again, NO JAA! To convert will be pretty close to the cost of doing it in the UK and the cost of air tickets should even that out. If you have no intention of flying for a European carrier then by all means come and do the ICAO licence here in good ol' SA. If you want an airline job back home in the UK rather do the whole JAA hoop jumping excercise there and use the cheaper aircraft and better weather in South Africa purely for hour building. As an example, if you come out here with a friend to build hours and take a C172 for your exclusive use for a week or two, the cost should be lower than you'd pay in the UK and you'd have a pretty good holiday touring South Africa by air. The current exchange rate is definitely in your favour.
Another thing to think about is the fact that if you can get a job with a South African contract company working outside SA you won't need a work permit for SA and can operate from the UK into wherever you're needed. I had a First Officer (now a captain) who did just that and he built around 700 hours in his first year with the company. Pay is along SA lines so you're not going to get rich but, heck, we don't do it for the money....... or do we?