Microsoft has officially cut the price of the Xbox One to £399.99. The console had previously retailed for £429.99.

The price will come into effect from this Friday, February 28.

In addition to a price cut, Microsoft also confirmed the Titanfall bundle rumoured earlier today. For the same price, the bundle will include a free digital copy of Titanfall, plus an Xbox One console, the Kinect sensor, a standard Xbox One wireless controller, a standard Xbox One Chat Headset and one month of Xbox Live Gold membership.

The Titanfall bundle will be available "while stocks last", with the new £399 price being a permanent reduction.

Discussing reasons for today's move, Microsoft, claimed that the price cut is "not driven necessarily by sales performance".

"In fact, we're very happy with our sales performance," Xbox UK marketing director Harvey Eagle told CVG. "Xbox One has been the most successful Xbox launch we've ever done. I think we've seen both consoles be very successful in the UK commercially. I think that's great for the industry."

The cut brings Xbox One one step closer to matching Sony's price for PlayStation 4, which retails at £349.99.

According to Sony, PlayStation 4 has been outselling Xbox One by 1.5:1 in the UK since launch.