Upgrade from Rega P5

Have a look at the Linn Majik LP12 for an upgrade within your price range.

Once you own the Majik LP12, there's a number of upgrades you can add (over time) to get to a fully loaded Linn Sondek LP12.

Linn Majik LP12:
http://www.linn.co.uk/systems/products/lp12/majik-lp12

If your happy with the Rega P5 give the flagship Rega P9 consideration. It's no exotic beauty queen but many prefer it over tables at the $10k price point.

I would agree with Dayglow, if you must buy a new table. The P9 certainly exceeds the performance of a great many tables costing quite a bit more.

There is Nottingham Ace Spacedeck with tonearm here for $1700 obo. I doubt you can do better for the money. Add to this $500-$1000 new cartridge and that's it. If you go for this table don't buy optional heavy kit, it will spoil the dynamics. Nor do you want VPI motor controller, it is no good for Nottingham.
But if you must spend $5k there are better tables at least used. There is also TW Raven table here new for $5k without tonearm.
I would stay away from VPI and Rega.

Everyone's got their preferences... I'd look at VPI and Rega before anything else.