Processor dilema

I am building my first pc soon but haven't bought any parts yet. I don't know if I should go with the i7 3770k or i7 4770k. The price difference is about £25 if you factor in motherboards, but that isn't an issue. I just want the best CPU and for it to last a long time. I also want to overclock. I have heard different things on haswell chips but I am not sure what is accurate. Also which i7 CPU is best suited for gaming and light 3d design for around £200?                                                                                                                   My predicted specs:

Fractal design define R4-case

Asrock extreem 4- motherboard

Gigabyte gtx 770- GPU

1tb WD black- hard drive

Corsair HX series 650w 80+gold

8gb g.skill- RAM

Hyper evo 212- CPU cooler

Any replies will be greatly appreciated.

Well the only difference between the i5 and i7 is hyperthreading. Really for gaming and light 3D you could get away with an i5-4670k.

If you are hell bent on getting an i7 then get the 4770k. They don't OC as well, usually, as the IvyB parts but they do have some slight performance boosts over them. Nothing dramatic but it is there. Plus it is on the 1150 socket which the future Broadwell CPUs will be on as well so you could upgrade to one of those without changing your motherboard. If you went with IvyB it'd be 1155. So you couldn't upgrade without a new motherboard. 

You're better off going with the latest technology, especially if the cost difference is negligible. As DerKrieger suggested, the 4670K will suit your needs, but if you must have an i7, the 4770K is the better option. 

The i5 is IDENTICAL to the i7 when it comes to gaming, according to an article on anandtech a few months old:

http://anandtech.com/show/7189/choosing-a-gaming-cpu-september-2013

By identical I mean less than 1% difference in most games (which can be attributed to normal variations in the performance of the same processor).

So buy an i5 and an AMD Radeon R9 290.

Thanks for the replies