Sony has announced a significant global price cut for the PlayStation 3 console.

At the Gamescon 2011 keynote SCEE President Andrew House confirmed that the 160GB model will now cost €249 in the EU and $249 in the United States.

Although there was no mention of a price cut in good old sterling, Amazon and Dixons responded by dropping the price of both the 160GB and the 320GB models as Sony's conference began.

Amazon now asking just £192 for the 160GB model (down from an RRP of £249), which is the first time the console has crept under the £200 mark in the UK.

(UPDATE: Sony has confirmed to CVG that the new UK RRP for the 160GB model is £199)

320GB trimmed too

The 320GB model has also been trimmed and will cost just £215.20 (down from an RRP of £285)

Sony added that the price cuts, which are also effective in Japan will apply immediately.

So, if you've been biding your time to splash out on a PlayStation 3 then that time has arrived.

Link: CVG