Apple sells five million iPhones since Friday's launch

Apple chief executive Tim Cook said initial supplies have sold out.

He added: “Demand for iPhone 5 has been incredible and we are working hard to get an iPhone 5 into the hands of every customer who wants one as quickly as possible.

“While we have sold out of our initial supply, stores continue to receive iPhone 5 shipments regularly and customers can continue to order online and receive an estimated delivery date.”

The huge sales come after Apple recorded the biggest queue in retail history according to researchers at 63336 with 1,297 people lining Regent’s Street on Friday.

This is almost double the previous record queue of 778 people for the iPhone 4S nearly a year ago.

63336 general manager Helen Wright said: “We honestly felt that Apple queues were starting to shrink with pre-orders taking over and without the allure of Steve Jobs’ cult following. In fact the queue for the iPad 3 was a few hundred smaller than the 4S.”

The new iPhone, which costs £529 from Apple stores, is thinner and lighter than previous models and can use the new 4G network.

The launch has not been without glitches however, as customers have complained that the phone’s maps have geographical errors and missing information. Apple has promised shoppers it will make improvement to the phone.