Xbox One price cut to £399.99 in the UK from this Friday

Microsoft will cut the price of the Xbox One in UK to £399.99 from February 28, the company has announced.

The price cut comes 94 days since the machine was launched, with its original UK price coming in at £429.99. It took almost two years for original Xbox 360 to see a price cut, with a $50/£30 cut to the 20GB model of Xbox 360 in August 2007. The PlayStation 3 saw its first US price cut, a $100 reduction on the 60GB model, roughly eight months after launch.

Xbox UK Marketing Director Harvey Eagle confirmed to GameSpot that the company currently has no plans to cut the price in other territories. The Xbox One retails for $499 in the US--which is roughly £300.

"We are very happy with the success of Xbox One," said Eagle to GameSpot. "It's been our fastest-selling ever console in the UK, and I think we've seen already that both [the Xbox One and PS4] have been tremendously successful in a short period of time and that's only good for the industry. We are just a few months into a generation that's going to last for many years to come. We see this therefore as a marathon, and it's something we're committed to for the long haul."

But surely the price cut is being done to make the Xbox One more competitive against the PS4? "We're doing this because it will generate sales, absolutely. I think it's a great deal for people in the UK to get a next-gen machine for £399 including Kinect, including Titanfall, in the box. Yeah, it's a great deal and hopefully lots of people will take up the offer."

As part of the price cut, Microsoft will also sell its freshly unveiled limited edition Titanfall bundle in the UK at the new price of £399.99. Preorders of the machine, which includes a Titanfall download code, will begin today and will be available while stocks last.

Sony said at the end of January that it was selling 1.5 PS4's in the UK for every Xbox One sold. Will Microsoft's price cut help the Xbox One catch up?