Yes, although you don't have to go for a K CPU. £180 can still get you an Intel i5 just no overclocking option.
Do you need the DVD drive? If it's just to install Windows install it via USB.
PCPartPicker part list / Price breakdown by merchant / Benchmarks
CPU: Intel Core i5-4440 3.1GHz Quad-Core Processor ($174.99 @ SuperBiiz)
Motherboard: Biostar Hi-Fi B85S3+ Ver. 6.x Micro ATX LGA1150 Motherboard ($59.99 @ Newegg)
Memory: Kingston 8GB (1 x 8GB) DDR3-1600 Memory ($63.99 @ Best Buy)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($57.98 @ OutletPC)
Video Card: MSI GeForce GTX 770 2GB Video Card ($319.99 @ NCIX US)
Case: Antec One ATX Mid Tower Case ($34.99 @ NCIX US)
Power Supply: EVGA 500W 80+ Bronze Certified ATX Power Supply ($39.99 @ NCIX US)
Keyboard: V7 KC0D1-5N6 Wired Standard Keyboard ($7.61 @ Amazon)
Mouse: V7 M30P10-7N Wired Optical Mouse ($4.45 @ Mwave)
Total: $763.98
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2014-03-22 14:41 EDT-0400)
Or if you were happy to drop to a 760 there is this which can overclock on the CPU side and is a better long term rig imo
PCPartPicker part list / Price breakdown by merchant / Benchmarks
CPU: Intel Core i5-4670K 3.4GHz Quad-Core Processor ($229.99 @ NCIX US)
CPU Cooler: Cooler Master Hyper 212 Plus 76.8 CFM Sleeve Bearing CPU Cooler ($29.98 @ SuperBiiz)
Motherboard: Biostar Hi-Fi Z87W ATX LGA1150 Motherboard ($98.99 @ Newegg)
Memory: Kingston 8GB (1 x 8GB) DDR3-1600 Memory ($63.99 @ Amazon)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($57.98 @ OutletPC)
Video Card: PNY GeForce GTX 760 2GB Video Card ($239.99 @ Micro Center)
Case: Antec One ATX Mid Tower Case ($34.99 @ NCIX US)
Power Supply: EVGA 500W 80+ Bronze Certified ATX Power Supply ($39.99 @ Micro Center)
Total: $795.90
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2014-03-22 14:45 EDT-0400)
Can you explain OCing and heat to me. I have a vague idea of cooling but not a lot: