Forgot to pay my domain for a year and now I have to spend £2200 ($3000) if I want to get it back

I guess this is a cautionary tale.

I was recently having issues with my Gmail account that's tied to my Epik ( a domain registrar ) account, so when I was supposed to renew my domain, I didn't receive any e-mails about it. When I decided to randomly check on my website, it seemed to be down. So I checked Epik and a domain that usually cost £15 a year to renew now cost £400 to renew as it was expired.

As a teenager who does not have £400 to spend on a domain, I decided to just wait until the domain fully expired and buy it for a cheaper price.

After some time, the domain fully expired and GoDaddy decided to buy it as soon as it did, and charged me £2,225 to renew the domain. I don't understand how a price that large is justified, considering that my website gets barely any visitors and I basically only use the domain for hosting stuff. No idea how hiking prices this much is legal