How much would it cost to make a website like this www.freedomprogramme.co.uk?

[Gustavo]

and how long would it take

[Open Sauce]

Without signing up it's difficult to know what it is, but i'm guessing it's an e-learning script, and there's many open source scripts available paid or free.
There's a list of free one's here: http://www.opensourcecms.com/scripts/show.php?catid=6
Basically, open source software can save you having to develop an entire script, when you ask how to create this type of website you need to realise it's more than just a website, it's an entire programme with server side requirements as well as client side. Developing your own could take an awful amount of skill, money and time.
You would need to check these ones out carefully, try the demos, study the requirements then purchase suitable hosting. Learn how to install it then customise it if you wish, but it will still take far less time than creating your own from scratch.

[Obasi Miracle]

wordpress with directory press can get you exactly similar site . your budget will be less than $350 for the services of freelancers