I believe that for almost every single person starting their Hi-Fi journey, a basic TURNTABLE + SPEAKERS setup would do the job.
"Hi-Fi" gear is extremely daunting and confusing for beginners…
The term “Hi-Fi” is a shortened version of "High Fidelity", which was the phrase that a lot of marketing around audio equipment used to be based around. That soon became slang for your 'sound system' or 'stereo,’ which is also an old slang term for a 'fancy' system that had two audio channels (left and right).
What's classified as "audiophile," "high quality," and "cheap" varies hugely from person to person, budget to budget, and manufacturer to manufacturer. Everyone that gets 'too into audio' will give you conflicting information and recommend a different setup - however, the majority of people getting into vinyl just want a reasonably-priced system that sounds great. Fortunately for you, there's never been a better time to get fantastic sounding Hi-Fi equipment at a reasonable price!
Budget-wise, I'd recommend spending at least £300 for your 'starter' setup: you could go cheaper, but if you get even remotely serious about listening to records in the longer-term you will immediately want to re-buy a better turntable and better speakers - the old "buy cheap buy twice" mantra!
I have two different Hi-Fi setups: a full 'separates' Hi-Fi in my Living Room, and a 'lean' Hi-Fi in my office/study. Prices below are from summer 2025.
"Separates" £1,080
Turntable: Audio Technica AT-LP3
Speakers (Passive): Dali SPEKTOR 2
Amplifier: Onkyo A9010
CD Player: Onkyo C7030 CD
Radio/Bluetooth/Spotify: Majority Fitzwilliam Internet Radio
None of these components are considered "audiophile", but they sound great.
The term 'separates' refers to a Hi-Fi that is bought in individual components that each perform a single. The opposite of a separates system would be an integrated or all-in-one, that combines everything into a single unit.
"Lean" £395
Turntable: AT-LP120xUSB
Speakers (Active): Edifier R1280DB
CD Player: Majority Multi-region DVD player
Both systems sound huge and more than meet my requirements. The 'Separates' system is better, but it's not 2.7 times better as the cost difference would suggest - and the majority of people that heard both systems side by side would struggle to notice a difference. Once you pass 'good quality' in audio equipment the amount of additional money you have to pour in for small gains quality quickly becomes silly.
It's also worth noting that the only difference in functionality between those two setups is that the "Separates" system has internet radio. Other than that, they both play records, CDs, and link to Bluetooth.
What HiFi - a great resource and site for browsing audio gear - currently lists their best "budget" active speakers as a £699 pair of 'Triangle AIO Twin'. "great-sounding streaming active speakers for not much money." If that's what YOU consider cheap, you're reading the wrong website!