That £300-£400 (possibly more actually) isn't all toys though. In fact very little of what I'm buying this year is toys. Previous buys have included fleecy throws for double beds (got an extremely cool avengers one from America one year), alarm clocks, cool bedside lamps, books, tickets to things (marvel live for example, although this was 'our' present to them), sweets, cushions to use in the car, dvds/blurays, video games.
Most people I know (in NI) do 90% of presents as from Santa (never referred to as father Christmas). And I'd say my boys get at least 20 things each. It's normal here. And I don't think it's a waste of money.
I used to save my Tesco vouchers for the toy boost, but can't do that any more.
I save gift vouchers from work to use in Argos, normally in 3 for 2. I pay full price for nothing, pretty much. Pick up bargains from July or so. Wait for black Friday for the electronics. Love hotukdeals website.
My boys trust Santa to bring them cool things they never even knew existed. I talk them out of crap with bad reviews or dust gatherers so they ask for very little (knowing they'll get more though).
So far this year the non-toys I have bought include sketchpads and charcoal for ds1 (9) who loves to draw (and is very good). I know he'll love it because he'll know that Santa thinks he's good at art and more grown up than his brother (who is getting a 1000 part craft kit). He's also getting a stationery kit (reduced to 80p in asda) which includes a4 folder, fileblock, stapler, highlighters, post it's, mathematical equipment etc. As he's doing the transfer test next year, he'll appreciate that too. I've also bought them both those blankets that look like they've been eaten by a shark.