I wouldn't even consider buying new. Hi-Fi hasn't moved on much in decades and old kit can sound just as good, or better, than new kit. My speakers are forty years old, amplifier is the same. You could easily get a decent system for a lot less than the budget but having a bit to play with is nice. Maybe get an ex-dem or nearly new turntable for instance.
I've put together a few cheap systems for people. Friend of mine has a big old pair of Celestions he got for a couple of hundred and they sound fantastic. I keep wondering how long they'll last but that's about ten years and they're still fine. He loves them so much he's talking about buying another pair for spares.
Rega turntables are a no-brainer as the are so reliable and good sounding. Very little to go wrong and easy to fix if it does. Plus a lifetime warranty and they mean it.
CD players are kind of the opposite, guaranteed to pack in eventually, but so cheap who cares? Micromega player for sale on here sounds as good as a new player costing a lot more and it's fifty quid. Of buy a Rega DAC for £200 and plug any disk player you like into it. Your Bluray player, DVD player and of course you can plug the TV, Sky box etc into it too. Much more flexible than a CD player.
Yeah, lot of fun to be had as long as you avoid dealers. You need to remember these guys exist to get as much money as possible out of you! Go in with £1,200, they'll talk you up to £2,000, because you need to. Just don't walk in the door. Stay away.