Many 02 and Carephone Warehouse stores have sold out of iPhones after slashing its price by £100 last month, it has been reported.
The mobile operator said it does still have stock of the phone in some of its retail stores but availability of the 8GB model is "limited", according to silicon.com.
O2 said in a statement: "We have been delighted with the response to our iPhone price promotion which has surpassed our expectations. Due to this success we are currently out of stock of the 8GB iPhone on our online shop.
"We still have 8GB and 16GB iPhones in O2 stores although availability of the 8GB device is now limited."
It concluded: "We are currently reviewing the situation with regard to stock."
Students who like to listen to music on their mobile phones may want to visit one of the two retailers in order to get a handset before they completely sell out.
O2 cut the price of the 8 GB phone to £169, down from £269.
Earlier in the month on the continent, T-Mobile dropped prices in Germany by 75 per cent to 99 euros (£79) for customers taking out its most expensive call-plan.
The price cuts have fuelled speculation that a newer faster iPhone may be on the horizon.
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