I didn't realize you were a newcomer, so first off let me welcome you to tomshardware, the best place to come when looking for advices relating to computer.
With that budget, you can afford a very good heatsink.
UK£ 57 = 93.1893 U.S. dollars
with that, I believe you can buy a Noctura D14, which is arguably THE BEST air-cooling solution for you CPU. It will match if not beat the performance of the H-50 (plus you won't have to go through the hassle of Liquid cooling )
It's funny because in Newegg (I don't think ships outside the NA region), it costs exactly $93.
Look around your preferred sites to see how much it is in there, and if it's in the budget range, you will not regret buying it.
The next best thing would be the Coolermaster Hyper 212+ which is just an amazing value for the performance you get, and quite possibly the most recommended HSF at the moment.
I have the 212+ and it's keeping my i5-2500k under 70 at load running at 4.5ghz! (Keep in mind I live in Georgia, it's VERY hot)
I'm not sure about other people, but I always preferred air cooling, and you will not go wrong with either of those two choices, which give you amazing performance, even competing with the liquid cooling solutions.