Pre-orders for iPhone 5 have smashed the previous record held by iPhone 4S, Apple has announced.

With over two million pre-orders in just 24 hours the iPhone 5 has more than doubled the one million figure achieved by the 4S.

However, such is the demand for the new smartphone that the initial supply won't be enough to satisfy all customers. Whilst the majority of customers will receive their iPhone 5 on September 21, some will have to wait until October when more units are made available.

"iPhone 5 pre-orders have shattered the previous record held by iPhone 4S and the customer response to iPhone 5 has been phenomenal," said Philip Schiller, Apple's senior vice president of Worldwide Marketing. "iPhone 5 is the best iPhone yet, the most beautiful product we've ever made, and we hope customers love it as much as we do."

iPhone 5 will be available at 34 Apple retail stores in the UK beginning at 8am on Friday. Off contract the iPhone 5 will cost £529 for the 16GB version, all the way up to £699 for the 32GB version.