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A reasonable deal?

Hi All!

So earlier this morning a friend hooked me up with some design and development work. The project will be building a business site for a security company.

Overall the client wants a logo design, web design and development.

I have offered to create this site for £700, this includes:

The logo design (with 5 changes/remakes given with no extra charge)
The web design (with 5 changes/remakes given with no extra charge)
And 12 Web Pages fully coded by myself.

I have given the client the offer of reducing the price by up to £100 if they ask for only minimal changes.

I would like to know what all of you think about the price... is it a fair price... am I being ripped off?

I'll also add that I am a University Student and have never done this kind of thing before, though I am confident in my Web Design and Coding abilities.
Pretty cheap but you mentioned your a student so this could be a good project for you. To be honest I have charged less for stuff like this when I was a student. Just make sure you trust the person your dealing with and ask for a deposit before you begin. Maybe seek more detailed advice on how you can protect yourself when working for people freelance.
Thanks for the reply, I was thinking the same but I wasn't sure, also it's something I can add to my portfolio for when I have left University and I'm looking for a job.
Definitely a good thing to do even if it works out the time you spend your earning less than minimum wage, it could be invaluable experience for you since its a real paid project and a real client which in many ways is much better than a uni project.