Apple has slashed the price of its 20-inch G5 iMac.

Overnight, the company lopped £150 off the product's previous price, reducing it from £1,199 to £1,049 (including VAT).

A note sent through Apple's reseller channels confirmed the move applies to Apple's third party vendors, too: "We are very pleased to announce a price reduction of £150 (including VAT)."

The iMac G5 offers a 20-inch screen, a 2.1GHz PowerPC G5 processor, a 250GB hard drive, a SuperDrive and has Bluetooth and AirPort built-in.

An Apple retailer confirmed recent reports that stocks are running dry on PowerPC Macs: "iMac G5 stock is running thin across the board now," they said, adding that while Apple hasn't yet officially declared the products as "end of life", there "aren't many left". PowerBook stocks are also dwindling rapidly, Macworld UK has learned.

Apple has also cut 20-inch iMac G5 pricing in the US, according to Apple Insider, lopping $200 from the cost. The 17-inch model has been declared "end of life" that report states, but remains a popular choice among consumers.