The 5c would have been tempting at £349 or even £399 but £469 for a 16GB is eye watering stuff. And to add another £20 to the already exorbitant price of the 5 is taking the piss - they clearly think people will pay it in the UK and they are probably right. Of course you can always get a 2 year contract, but I prefer to buy unlocked phones. I have owned a 3Gs and currently a 4s, and I just can't justify upgrading for speed, a slightly better camera and a fingerprint sensor, and of course the bigger screen. 4s users, hang on another year! The iPhone 6 will almost certainly have a bigger and better screen, 802.11 ac, wireless charging, 128GB, new form factor, 2GB RAM, better camera...and more
Of course if your 2 year contract is due for renewal, your decision is already made...