Nope. £160 is roughly US $270. You can easily build a $200-250 PC that beats the PS3. It's been done. We don't have GTAV on PC, but I imagine it would run quite a bit better than PS3 (unless it was a botched port).
I don't know where it came from and if it was ever true, but at this stage it's basically a lie that console gamers tell themselves; a false belief that they're getting a better, longer-lasting value with their hardware whereas PC gamers have machines that will soon stop playing games and will need "expensive mandatory upgrades" in 2-3 years.
I've moved on to bigger and better, but the slim-profile budget HTPC I built in early 2011 still easily outperforms the 360 and PS3. By console gamer logic, shouldn't it have already fallen behind and stopped working? A slightly more expensive PC already outperformed the PS4/XB1 at launch. By what sorcery will that continue to stop being the truth in 3-4 years? The only thing that a $550 PC stops doing in a few years is running games at max settings (a pointless comparison since consoles never could and never will). All you will have to do with a 2013/2014 budget PC is drop to medium which will still be better than what the more severely bottle-necked consoles will manage in that same time.
And if you fall into low settings* -- with the deep savings of PC gaming,
saving up the cost of a couple of games will get you an affordable future GPU that will bring you back to medium-high settings.
*If this gen plays out like the last, "low sttings" of tomorrow's PC games will still be better than consoles for anyone who paid attention to cross-platform stuff like Crysis 2 and noticed the lowest possible PC settings at 720P still looked better than what the struggling console versions could pull off. Crysis 2 was even criticized by everyone for being "console-centric" in development so that's hardly a unique example.