Microsoft is finally launching the Xbox 360 Elite in Europe, and is cutting the price of two other versions of the console.

The Premium Xbox 360 will have its price cut from £279.99 to £249.99, while the Core model will be reduced by £20 to £179.99. Both price cuts will take effect on August 24th.

The Xbox 360 Elite - a new 120GB version already available in the US (see our Xbox 360 Elite review) - is also on the way. The new model will be released on Friday 24 August and will sell for £299.99.

"First-timers will love the Xbox 360 Core system, which offers an affordable entry into high-definition gaming. The Xbox 360 Elite, with its large hard drive and wireless controller, will appeal to casual and experienced gamers and families," said Stephen McGill, Head of Gaming & Entertainment, Xbox UK.