Thousands of keen fans have camped out around the world to get their hands on Apple's newest smartphone the iPhone 5. Here in London almost 1300 people turned up at the flagship store on Regent Street for one of the phones.

These people were rewarded with high fives, although the staff welcoming them into the store must have been a bit tired, with all that clapping as they about 100 odd in the queue , and hundreds more behind them.

Hong Kong has a reputation for hard core technology fans, and the most enthusiastic employees.

And for dealers being first in the line to grab the latest must have's and sell them on the black market.

And it's great news for Apple as experts estimate 50million of the thinner, lighter, and faster iPhone 5s are likely to be sold over the next year, and 30m alone in the next three months. It has however been hit with complaints about its maps. But the big question on everyone's lips, is that, with all these people buying the iPhone 5, what happens to the old smartphones? Well according to ebay that's their final resting place according as their iPhone listings have increased by 122% in the last month.

Written and Presented by Ann Salter