Almost half of UK consumers believe virtual reality (VR) technology is overpriced, research has found.

A survey carried out by IT market analysts Context has found that almost four in ten consumers in the UK believe that VR is too expensive. That figure rises to 47 per cent when extended to include thre rest of Europe.

When asked how much they would be willing to spend on their first VR headset, consumers showed hesitancy about investing substantial sums.

37 per cent would prefer to pay nothing for the headset, whilst 21 per cent would only be willing to pay under £100. Nevertheless, over a third (35 per cent) would fork out £100 to £200, but when asked to consider the current cost of the headsets, almost four in ten (39 per cent) believe they are too expensive.

The survey also found that three in four consumers have heard of technology such as the Oculus Rift, HTC Vive or PlayStation VR.

According to the survey, consumers in the UK and around Europe are most excited about VR’s applications in sport, film and TV. Half of those surveyed in the UK (51 per cent) would relish the opportunity to experience something they would never do in real life, such as sky diving.

VR’s biggest draw is currently sport, with 60 per cent of consumers claiming they’re most excited about viewing a match as if they were really there. This figure rose to 65 and 66 per cent in France and Germany.

The market is still uncertain as to whether VR has any long-term viability; the survey has found that those in the UK certainly do not see VR as a gimmick, with over half of the British public (56 per cent) agreeing that VR has serious applications in fields such as medicine, science, and education. The figure rose to 68 per cent with German consumers.

The tech industry has given VR a dominant focus over the past few years, and that trend looks set to continue as it becomes more widely available.