PS5s selling for hefty £1k as ‘online vultures prey on Christmas panic buying’

PlayStation 5s have been spotted being sold online for as much as £1,000 as online vultures continue to prey on Christmas panic buying.

A shortage of new consoles – which were first released in November last year – has meant that many have resorted to using re-sale sites to get one in time for the holidays.

With just over a month until Christmas, they are going for more than double their original retail price of £450 and that is only set to increase as December 25 draws nearer, the Daily Mirror reports.

A global lack of microchips has left Brits scrambling to find stocks of Sony’s console and its Microsoft rival, the Xbox Series X.

To make things worse, dealers of second-hand consoles – known as scalpers – wipe out online stocks before ordinary shoppers get a chance, then sell them at a huge profit.

Some retailers limit orders to one console per user and run payment checks to prevent multiple buys.

More than a million PS5s have been sold in the UK since last November.

While they were back in stock last week at Argos, Curry’s and Smyths Toys, other retailers such as Amazon and Tesco had sold out.

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Andy Robertson, editor of the askaboutgames website, urged PS5 fans not to panic buy.

He said: “I appreciate it’s the ‘must have’ gift. But you take a risk when you buy on an auction site because it’s not an official retailer.

“I suggest parents either go for the cheaper PS4 option or just bide your time.”

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