smartfonestore are selling the iPhone 5 for £359.99.
Phones from this company comes as grade A, B or C, which means they are sometimes used, with the grade representative of the cosmetic condition. Grade A is defined as; "The phone is used but in excellent condition , cosmetically the phone will show no signs of use, there will be no scratches,cracks or scuffs to the screen or casing
It’s been fully tested, is in full working order and has been restored to the latest operating system".
Are the time of posting, they are available as locked to vodaphone or O2 (Grade A, £359..99), or EE, Orange, T-Mobile (Grade C, £329.99), but they get new stock in all the time.
You can also get a sim unlocked iPhone 4 for £169.99 (Grade B), or an iphone 4S for £239.99 (Grade A).