Is this an OK PC gaming build?

Specs:
CPU: Intel Core i3-3220 (2 core 4 threads)
GPU: XFX Radeon HD 7770 1GB GDDR5/DDR5
RAM: 8GB DDR3 1333MHz
MOBO: ASRock H61M-DGS mATX
CPU Cooler: CoolerMaster Blizzard T2
HDD: 500GB WD Caviar SATA

I want to be able to run some games such as Minecraft, TF2, GTA IV, HL and Portal 2 at High to Ultra settings without lag.
I also need help finding a 450-500w PSU between £35-45, what would you ppl recommend?

It'll play all those games on medium-high settings. Minecraft can be maxed out on that build.

Your build requires a 500w power supply, so this is a nice one - http://www.newegg.com/...6817171031

Its ok mid range CPU the GPU is ok it will play some games but ultra nope