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I was hoping the HD players would be multi region,allowing you to purchase from both countries
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Some are. HD DVD is totally region free at present - you can buy high def discs from the US, UK or anywhere else and they will work with your player whether it's a UK or US model. The Standard Def side will be region locked though.
BluRay is divided into three zones: Region A (US/Canada/Japan), Region B (Europe/Australia/New Zealand), Region C (Elsewhere). However not all releases are so encoded: most from Warner and Paramount are region free.
In short then for HD DVD you can buy all your releases from wherever they are cheapest. For BluRay you can shop internationally but must ensure you release isn't regionally encoded before you buy. For the latest titles from Sony or any titles from Fox you will be region locked.