The iPhone 5 is far from the cheapest phone on the market, but Carphone Warehouse is currently undercutting Apple by almost £20. Right now, you can grab the 16GB iPhone 5 SIM free from Carphone Warehouse for £509.95.
Available in both black and white/silver.
Check out our iPhone 5 specs page.
(Thanks to DavieJones at HUKD)