Apple's iPhone shortage could lead to customers walking off empty-handed

For those who have not pre-ordered the Plus model and some versions of the standard 7 model, there will be no point turning up to stores as they have completely sold out in pre-orders.

Some critics had suggested that the new phone would struggle to meet sales targets, as it retains most of the same features as its predecessor, and has done away with the traditional headphone jack.

The iPhone 7 starts at £599 and the iPhone 7 Plus at £719, going up to as much as £919.

As is Apple's tactics on the release of its flagship device, long queues are expected at stores in order to drum up talk about the device. Speculation also suggests that not matching the level of demand for the phone is a marketing tactic for the company.

The tech giant has had a successful week as its share price has soared to its highest level in five years as pre-orders were as many as four times that of previous models.

"We couldn’t be happier with the initial response to iPhone 7 and iPhone 7 Plus, and we are looking forward to beginning sales through our retail stores and partners around the world," an Apple statement read.