The new RRP for a 500GB PS4 is now £299.99. It's a very welcome £50 price drop.
This isn't a complete surprise: there's been rumours that Europe would be getting a price drop (largely because the US had one announced earlier this month).
We're not the only ones to get a reduced PS4; Australia's Ps4s are now AUD$480, instead of AUD$550.
Sony's clearly doing this with an eye on Christmas sales. In the announcement post on the Sony blog it links off to console bundles, saying "We have some some fantastic bundle offers for the holiday season".