The company's official store revealed that the new product will retail SIM-free "from £529" when it goes on sale for pre-orders on Friday, September 14.
Apple has since confirmed that the 16GB version will cost £529, the 32GB model will be worth £599 and the 64GB iPhone 5 will be priced at £699.
Prices within contracts for the UK have yet to be confirmed. US prices on contract are $199 for 16GB, $299 for 32GB and $399 for 64GB.
Apple unveiled the next generation of the iPhone at a product launch in San Francisco yesterday (September 12).
Among its main features, the iPhone 5 has a larger display than its predecessor, 4G connectivity and a new style of headphones.
Last month, a rumour which stated that the iPhone 5 would cost $800 sparked online fury among Twitter users.
If the UK pricing listed on the Apple UK website proves correct, then the entry-level iPhone 5 would cost the equivalent of $853.
> Apple iPhone 5: Will you be buying?
Apple has also been criticised for charging £25 for its new Lightning dock adaptor.
The product will go on sale on September 21 in various markets, including the UK. All compatible iOS devices will be able to upgrade to iOS 6 for free on September 19.
In pictures - the iPhone 5: