Sony and Microsoft will cut the cost of their consoles during the first half of 2009, an analyst has predicted.

The PlayStation 3's price will be slashed to $299 - around £200 - during April, suggests Michael Pachter from Wedbush Morgan Securities.

Pachter also predicts that the Xbox 360 Pro will drop in price to $249 (£170) "at or before" this year's E3 event.

Pocket-lint got in touch with Sony in the UK to see if any such a move was likely. A PlayStation spokesperson told us:

"We have no plans to cut the price of PS3... David Reeves (Euro President) has gone on record and said that 2009 is all about returning the games division back to profitability... we aim to do that by delivering the very best software titles and services... therefore, cutting the hardware price is not on the agenda".

We are awaiting comment from Microsoft.

We will keep you posted.