To be honest I think you should wait until you have a bit more cash and get something a bit better. £500 for an average PC will mean you'll never fully enjoy it, and you can get a lot more for £1000. Just speaking from personal experience (the graphics card for my PC cost about as much as the PC you described).
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I'm not being snooty, I personally think its one of those things its best not to scrimp on.
It really depends where you buy it from. I bought mine for £750 and it's way beyond what I really need to play ED. Don't go to PC World and get ripped off, those guys rarely know what they are talking about, that's coming from me, a PC engineer and programmer. Find a small(ish) shop and speak to the shopkeepers to see if any of them are avid gamers themselves. I get mine from Medway Computers
http://www.medwaycomputers.com/ and most often get a better deal than I would at any large high street store, they build to order too so you can specify your budget and what you want it to do. The young guy who takes the order and builds them is a very avid game buff so he knows what you'll need and whether it can be done on your budget.
If you already have a PC, go for something with no disks so you can use your existing ones, it gives you a bit more room to upgrade other parts like graphics and processor if you can save on certain parts like disks. Same goes for the monitor too. Things like that can be bought as extras later if you really want to upgrade them.
Having said that, I do really think you;ll need about £100 more to get something decent and capable of running ED with not too much problem. You can always get a cheaper graphics card for now and upgrade the graphics later if you want better graphics. Just make sure the processor is capable of doing the job first, that is a primary concern.
I would suggest an AMD FX 6350 6 core 3900Mhz as a starter, that's what mine has and ED runs like a dream with graphics maxed with a Geforce GTX 750 Ti (2Gb) and 16Gb Ram, that's not an expensive combo really.
Most of what cost a lot for me was the motherboard because I didn't want it just for games, I have 4 2Tb Hard disks, 1 1Tb and a SSD as a boot disk to start with and the cool running case and high output PSU, (to power all the drives) I wanted wasn't cheap either, I paid about £200+ just for the M/B, case and PSU alone.
On a side note: Don't go wifi for games, they are too unreliable really unless you pay some serious cash for a good quality wifi router. Stick to Cat5 cable connections for trouble free gaming.
You may still get stutter very occasionally, usually when approaching a station in SC but that's not hardware, it's your internet trying to get a response from the server at intervals. That's more down to ping rates than anything else.
