Microsoft has announced the launch date and price for its new Xbox One.

The new console will go on sale in November this year, with a recommended retail price of 429 in the UK, $499 in the US and 499 euros.

The announcement was made during its keynote opening event at the E3 games expo in Los Angeles.

Rival console manufacturer Sony said its console would be out during the "holiday 2013" period, although no official date has been set.

If both the PlayStation 4 and the XBox One go on sale in November this year, it would be the first time the two rivals have launched simultaneously. Previous consoles were released at least a year apart.

Aoife Wilson, a Staff Writer with Xbox 360: The Official Xbox Magazine, told BBC News that there did not appear to be any reason for the increased price in Europe compared to the US.

"There's a 34% mark up on the price this side of the Atlantic and there's no real reason I can see for that", she said.

"The price seems to be a real sticking point for many people, based on the comments I've seen on Twitter. But the XBox One has so many unique capabilities over its rival, that it might just give them the edge."

"I think people will be willing to pay that price and I do think that price will come down next year", she added.

BBC News