How in the name of Bill Gates does a £500 phone qualify as "mid-tier"? Should you not be comparing it to other phones, rather than executive 4 bed houses in Surrey?

There are only a couple of phones in existance that cost more than £500 and they are all "Premium" phones with saphires and the like.

They just take the quickest bog-standard MSRP they can find and publish it as though it reflects reality.