AMD FX builds are no longer recommended these days. For most games, they are generally matched or beaten by Intel i3 processors that produce less heat (but are not overclockable). That and AM3+ as a motherboard platform is already abandoned and will no longer receive any upgrades.
Even though the processor is an FX-8370, that isn't helped by the fact that you're using it in a cheap Biostar motherboard with the stock cooler and a 500 watt power supply. There wouldn't be much headroom to overclock the FX-8370, if at all.
Still, we're missing a few details here, I think. It can't be just those five parts. Are you upgrading your old PC? What are your old PC's specs? Let's see if there's anything reusable there. Is £550 your budget for the entire PC, or do you only need certain parts?