As long as the edition matches the key in the BIOS then the answer is yes (I presume the edition is Core, it would need to be a Windows 8 ISO not 8.1).
However this is how I would do it :-
1. Find a Windows 8.1 English UK ISO that matches the edition you are running (presume Core)
2. Do a clean install from the ISO, during the out of box experience when prompted for a product key press skip
3. Find & download RW Everything portable, run this on the new install select ACPI > MSDM and copy the product key (this is being read from the bios)
4. Open Windows activation and paste the key in, it will then activate fine
I had to do this last week for a relative's HP laptop, no recovery disks of course. Pretty much as nightmare99 has described. Fairly straightforward too.
Easier than doing the same with Windows 7 to be honest.
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