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A smartphone that was bought online for less than £20 could soon be selling for more than $100, with the price tag for an iPhone 7 Plus set to rise by £40 to $120.

The new iPhones will be sold with either 32GB or 64GB of storage capacity, with prices starting at $100 for 32GB and $150 for 64GB, according to a report from the Wall Street Journal.

With a new iPhone 8 set to launch on September 6, the price of a 32GB iPhone 7 will go up to $200.

“If you can get into a new phone, you should,” said Michael Ciminelli, an analyst at Sanford C. Bernstein.

“The price of the iPhone 7 is going to be the most expensive phone in the world.”

The new iPhone is expected to be priced between $999 and $1,999, depending on the model and model year.

According to a statement from Apple, the iPhone 8 will feature the iPhone X design, a new A11 Bionic chip and an edge-to-edge display.

The new models also include the “Siri”, “Camera”, “Home” and “App Store” apps.