@IkyThere's no guarantee that the iPhone 12 will reduce in price. Probably better to get it when you can. PS a word of warning. O2 stock system isn't live, meaning it might say in stock and isn't. Best way to find out is to ring O2 and find out...numbers here Guide: Coronavirus Community Help and Support or go instore.
*The Game Is On*
Generally speaking and if you take previous years into consideration, there is around a £100 price drop from Apple when a new device is launched.
However, networks will not pass this on immediately if they have stock that was purchased by them, at full price.
@Iky with stock of the 13 already been reported as going into supply constraint, even before being launched due to supply chain issues.. Then I doubt the iPhone 12 will be any cheaper, for the next 6 months... Unless Apple want to placate customers....