First off I wouldn't bother with a receiver in any way, shape or form. In the UK we are totally spoilt for choice with very good quality 2nd hand separates. If you want to listen to radio you can buy a serious classic separate tuner for a tenner off ebay.
Get a dedicated separate integrated amp like a Mission Cyrus One from the 1980's preferably a late model which is fully made of metal. Most of these have headphone capability but some don't so be sure to check. The earlier versions have it on the back which is a bit inconvenient but it's got a small footprint so not so bad.
This is a cracking little amp with a decent phono input, certainly better than what you'll get now in a budget phono stage.
Other contenders are the NAD 3020, 3120 series or Arcam One from the same period which also have great phono stages.
You should be able to pick up a nice example for 50-100 quid on ebay.
As far as turntables go you will get excellent bargains 2nd hand within a 150 pound budget but you will need to be prepared to put in some work to set up the deck right.
This is true of any deck old or new but with something like a Project it will come ready assembled with the cartridge and arm on it already mounted correctly etc. All you need to do is put it on a good isolated surface like a wall shelf, make sure it's level, plug it in and you're ready to go.
The quality you will get from this compares with finding something like a Dual CS-505, NAD 5120 or maybe a Revolver on the 2nd hand market. These cost around 10-50 quid and are similarly all set-up, idiot proof tables which offer a good introduction to the joys of vinyl.
But for upto 150 quid you can do so much better if you are prepared to work at it. Be warned it's a pretty steep learning curve compared to popping in a cd but there are plenty of sources on the web which will offer guidance.
For a serious sonic bargain look out for a Goldring Lenco GL75 or 78 or any of their heavy platter decks.
http://www.btinternet.com/~a.d.richa...enco_land.html
These turn up on ebay for anything from 25-80 quid and prices seem to be going up all the time as the word is out. In basic form this is a good starter deck, better than any of the others I've mentioned, but with a new arm and plinth its a real giant killer. A Linn LVV / LVX or Akito arm goes for 50-130 and is a straight drop in for the old arm.
Another contender is the Thorens TD150/160 which again is pretty good to go in stock form and gives you a taste of the high-end, but again with a new arm and plinth will take on almost all comers into the thousands.
http://www.hi-fiworld.co.uk/hfw/olde...renstd150.html
You can get one of these for 50-200 depending on which version.
The most important things to look out for with any 2nd hand deck are the bearings. The main bearing should rotate without any sound for several minutes and be perfectly level, although an oil change will improve any tired old table so long as the bearing isn't grinding and damaged beyond servicability. The arm bearings shouldn't have any lateral play. When you hold the arm and twist the tube gently it shouldn't rattle.
Belts and Idler wheels can be replaced by a search on the web. Arms can be rewired and there are many specilists out there supplying services and bespoke spare parts for these decks. Check ebay.
There are also many more modern decks to be had on ebay at 150 or under. Look out for the Ariston RD80, AR Legend, Dunlop Systemdeks, Logic Tempo and CJ Walker all of which are Linn style suspended subchassis decks which are a serious step-up from a Project.
Another serious contender which you may just pick up for 150 is the Rega Planar 2 or 3 which are easier to set up than any of these others, more akin to the Dual or Project, but offer better sound quality if they have an RB250/300 tonearm. The earlier Rega S shaped arms are good but need rewiring which takes them outside your budget.
Don't worry too much about a cart at this point as you can get a brand new Audio Technica AT95E on ebay for 20 quid, put all your resources into securing a good table and worry about cart upgrades later.
