That's a really interesting question.
I live in Tonbridge and have various geodomains related to Kent, the South East and England, so I look forward to seeing responses from others.
What is your intent in terms of content ? xxxxBlog suggests regular real content. Will you create that yourself, or will you reword posts from the BBC and other local media websites and Twitter accounts ? Or will you simply retweet or cut-and-paste ?
Will you focus on tourism, or politics, or jobs, or community stuff ? Or all of them concurrently ?
Will you become authoritative ... and, if so, how ? How will you be unique ?
Or is it a purchase to sell on as soon as possible ?
As a cheap purchase (but where did you get a .co.uk for 99p ?) it's certainly not a waste of a quid, but how do you intend to use it or market it ?
David