Asus P8H61-M PRO & i5 2500?

quicksand10

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They're around for low end usage (HTPCs and your grandparents' PC, who don't want a giant tower), not for gaming or enthusiasts.

+1 to g-unit1111's suggestion.
Also consider the ASUS P8Z68-V LX. Very solid board.

http://www.ebuyer.com/281367-asus-p8z68-v-lx-socket-1155-onboard-graphics-output-8-channel-audio-atx-p8z68-v-lx

Also, if you're absolutely dead set on going for a microATX build, consider a z68 chipset at least, such as the ASUS P8Z68-M PRO, but I would still strongly suggest you to go with an ATX build and a big mid-tower case.

I would consider spending the extra ~7GBP for a 2500K however, just so that you have the OPTION to overclock (it's so easy!)
For ~15GBP, the CoolerMaster Hyper 212+ (or, for a bit more, the Hyper 212 EVO) is an excellent way to start overclocking (I managed a 4.5GHz with an ASUS P8Z68-V LX and 2500k). Otherwise, this is still recommended to keep your CPU cool.
 

mabreatsh

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I would say that since you are looking for a budget system, getting a 2400 would be better price wise. H61 is alright but I would get a p67 because it might support ivy league and the difference in price isnt that much.
 

quicksand10

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The i5-2400 would be a good choice too if you're not interested in overclocking. The couple MHz difference in frequency won't make much of a difference, TBH.

As so little information is available on Ivy Bridge, Z68 also might support it, especially the ASUS boards with native UEFI.