And cashback seems to be reduced to £50

Is it not £377 after the cash back? £427 before cashback

You'd hate America. They use 110 volts!

The point is you can get cashback when you send them an old PC back, which brings the price to significantly lower than any home build like-for-like project.

Also I'd love to know where you're sourcing full genuine Win8.1 for anywhere near £25 (from a reputable vendor)

Spec:
Interfaces
4 x USB 3.0 ( 2 front, 2 rear )
4 x USB 2.0
1 x serial
1 x PS/2 keyboard
1 x PS/2 mouse
1 x VGA
1 x DisplayPort
1 x headphones ( 1 in front )
1 x microphone ( 1 in front )
1 x audio line-in
1 x audio line-out
1 x LAN (Gigabit Ethernet)
Slots
3 (total) / 3 (free) x PCIe 2.0 x1 - full-height
1 (total) / 1 (free) x PCIe 3.0 x16 - full-height
1 (total) / 0 (free) x CPU
2 (total) / 1 (free) x DIMM 288-pin
Bays 1 (total) / 0 (free) x external 5.25" Slim Line
1 (total) / 1 (free) x external
1 (total) / 0 (free) x internal 3.5"
1 (total) / 1 (free) x internal 2.5" / 3.5" shared
Manufacturer Warranty
Service & Support 1 year warranty
Service & Support Details Limited warranty - parts and labour - 1 year - on-site
RAM
Technology DDR4 SDRAM - non-ECC
Form Factor DIMM 288-pin
Features Unbuffered
Installed Size 4 GB / 32 GB (max)
Memory Specification Compliance PC4-17000
Memory Speed 2133 MHz
Configuration Features 1 x 4 GB
Networking
Features Wake on LAN (WoL), ACPI support, PXE support, auto-uplink (auto MDI/MDI-X )
Interface (Bus) Type PCI Express 1.1 x1
Ethernet Controller Realtek RTL8111HSH-CG
Power
Device Type Power supply
Nominal Voltage AC 120/230 V ( 50/60 Hz )
80 PLUS Certification 80 PLUS Bronze
Power Factor Correction Yes (active)
Storage Controller
Type 1 x SATA
Controller Interface Type SATA 6Gb/s
Cache Memory
Installed Size 6 MB
Cache Per Processor 6 MB
Optical Storage
Type DVD±RW (±R DL) / DVD-RAM - SATA
Operating System / Software
OS Provided Windows 10 Pro 64-bit Edition / Windows 7 Professional 64-bit Edition downgrade
Preinstalled OS Microsoft Windows 7 Professional 64-bit Edition
Graphics Controller
Max Monitors Supported 3
HDCP compatible Yes
Graphics Processor Intel HD Graphics 530 Dynamic Video Memory Technology
Video Interfaces VGA, DisplayPort
Hard Drive
Type HDD
Interface Type SATA 6Gb/s
Capacity 1 x 500 GB
Spindle Speed 7200 rpm
Dimensions & Weight
Width 16.5 cm
Depth 35.5 cm
Height 35.88 cm
Weight 7.05 kg
Keyboard
Interface USB
Keyboard Name HP Standard Value Keyboard
Mouse
Interface USB
Processor / Chipset
Chipset Type Intel H110 Express
Processor Main Features Intel Turbo Boost Technology 2
CPU Intel Core i5 (6th Gen) 6500 / 3.2 GHz
Max Turbo Speed 3.6 GHz
Number of Cores Quad-Core
CPU Qty 1
Max CPU Qty 1

Okay lets see if I can get this right now...

CPU £150, RAM £20, HDD £30, DVD writer £15, Windows 8.1 Pro (Upgrade to 10) £25, stock mboard £20, stock PSU £30, case £50 (thats generous) even if you charged £20 quid for stock keyboard and mouse would = around £350, that's 20 quid less than the deal.

For £377 you could build this, upgrade to 8GB RAM, pick up a cheap mboard for 30-40 and a slightly more powerful PSU (230V ain't much) and you've still broken even. If you can build a pc this isn't for you.

However if you can't or are looking for a cheap starter pc, this is a good deal, its a good cpu with enough storage and Windows, will do an office or basic email/work desktop fine.

If you have something worth 125 quid or more I suggest selling it and using the money for better compenents, thats just me tho

That really does look like a Microtower!!!

Not bad at all, if you've got something to trade in you're getting a decent PC there. Newer generation than the i5 4460 in the Dell desktop deal I posted