It might be possible to build an i5 system at that budget.
8 GB of 1600 Mhz will become more expensive in 3 months.
GPU-wise, 7850 is the bare minimum for your needs
Single GPU system should do fine with a 500 W PSU from a decent manufacturer.
For 500 pound, I guess you could build a PC that would be more tha\n enough for your needs considering that you are only be using it for gaming (although I don't know what kind of games you play) and basic school work. I think that this money is enough for a quad core or an i5 processor and a 1 GB graphic card with 4 GB ram.
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