Xbox 360 sales have increased by 214 percent following recent price cuts, and the console is outselling the PS3 by a 2:1 ratio, according to Microsoft's Chris Lewis.

Our commitment to continuously improving and innovating new content, our new high-profile marketing campaign and the fact that we're now the best-value next-gen console on the market with an entry-level ERP of GBP 129.99 combine to make Xbox 360 the right blend of gaming and wider experiences at the right price to offer unparalleled entertainment for everyone. And these figures prove it," said a rather smarmy Chris Lewis, Xbox 360 Euro boss.

Microsoft could still stand to learn a thing or two from Nintendo it seems though, as even though the Xbox 360 Arcade is now the cheapest console on the market, the Wii is still firmly ahead. In fact, there are almost three times as many Nintendo Wii's in the market as there are PlayStation 3s.

The past year has been a time of huge growth for all consoles however, according to GI.biz, and the size of the installed user base for consoles has doubled in the UK over the past twelve months.

As of September 2008, the PlayStation 3 has sold 1.4 million units in the UK and the Xbox 360 has sold 2.3 million, while the Nintendo Wii has sold a jaw-dropping 3.6 million units. Over the past year both the Xbox 360 and PlayStation 3 have sold a million units, roughly.