The guys at XDA forums have made a CM11 rom that works, i have installed it myself. There are 3 known bugs:
1. the flash doens't work when taking photos, it works as a torch though.
2. the wifi mac address is a random mac address not the one that the phone was designed to use, the creator of the rom can't figure out where to find the mac address at the moment.
3. the notification LED stays a solid colour instead of flashing every couple of seconds.
Here is the thread: http://forum.xda-developers.com/android/help/to-root-huawei-y500-t2923318
I have updated the 1st post with links to roms and gapps.
Huawei Y550 is £49.95 on PAYG upgrade from carphonewarehouse, it has Android 4.4.4 (kernel 3.10.28), a snapdragon 410 64bit, 1gb ram, 4gb rom, micro sd, 4.5" 480x854, 5mp rear, 2mp front, 720p front+back.
Huawei G620S has same chip but better screen and a few other things, don't think that is on sale in the uk.
bootloader unlocks with code from huawei for Y550, root solution works too. Phone was released in November 2014, no source code YET, hopefully soon, at least 1 person has said they will make a TWRP/CWM for it then we will just need a cyanogenmod rom creating.
there are video reviews on youtube showing the phone in use. The user interface isn't too bad, the settings app, looks poor from a visual perspective but it pretty much stock in terms of functionality. The only bad thing is their keyboard but i downloaded google keyboard from the play store, works perfectly in all apps and after reboots. I'm very happy with the phone it is fast, has 4g so i can use my 100MB 4g free data per month for life sim that i got for £5. There's enough room for all my apps, if this could be rooted we could install apps to an sd card too. I'm sure someone will make a CM rom within the next few months then we can have a nice stock UI for everything, no huawei apps and not be forced to have so many google apps pre-installed as i don't use many of them.
Google doesn't have a "google dialer/contacts" app on play store, would prefer the android stock one.