iPhone 8 will be far more expensive than any before it, costing more than $1,000, report claims

The new iPhone is going to bring with it some of the biggest advancements ever made. But most people won't actually be able to get it.

The iPhone 8 – or, as some people are referring to it, the iPhone X – is likely also to be the most expensive ever to go on sale, according to new reports. It's expected to be released by Apple later this year.

The phone could cost more than $1,000, according to a new report from Fast Company. That's far more expensive than the iPhone 7, itself already the highest-priced handset that Apple has ever sold.

For that extra money, the iPhone 8 is expected to include a new OLED display that will stretch across the entire front of the phone. It will also be faster inside, featuring new – and more expensive – memory to make the phone perform better.

But for those unwilling or unable to fork out for the expensive 5.8-inch iPhone, Apple will go on to make cheaper and less futuristic versions of its handsets. It will probably release an iPhone 7s and 7s Plus at their existing sizes, according to previous reports.

That phone won't have the same OLED display or have it stretch over the front of the phone, according to reports.

As well as the changes to the screen, the phone will feature a redesigned home button that will see all visible trace of it disappear from the front. Instead, the button will sit beneath the screen and become something to "touch" not to "press", according to Fast Company and previous reports.

The company might also get rid of the physical buttons that sit on the side of the iPhone. That – and other features like a 3D camera that will be able to see and identify its users – are still being worked on and might not be ready for the release of the new phone, which is expected towards the end of the year.

It will also come with a new design and new materials, reportedly being made out of stainless steel rather than the aluminium used on the existing iPhones.