iPhone 5 being sold for up to £700 on eBay

Model with 64GB of memory being sold in Russia with a listed price of £1,000, hours after going on sale globally

Unlocked Apple iPhone 5 16GB models have been appearing eBay.co.uk for up to £700, less than three hours after the handset went on sale this morning.

One phone being auctioned had attracted 25 bids, with the top bid standing at £530, seven hours before the auction was due to end.

An iPhone 5 64GB in black sold in Russia was listed with a price of $1,700 (£1,000). In the USA, a 32GB model of the smartphone was seeking $1,489 (£915) compared with Apple’s online contract price of $300 (£184).