The standard Premium Xbox 360 will be £50 cheaper at £199, while the black Elite version will be priced at £259.99.
"We have reached and surpassed several key milestones that form part of our long-term strategic plan to achieve critical mass in Europe," said Chris Lewis, vice president of Microsoft's Interactive Entertainment Business in Europe.
Several retailers such as Amazon have already lowered the prices of the consoles ahead of the official date.
"History shows that £159.99 is the price point where a console's audience begins to expand," said Lewis.
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