UPDATE ONE: PlayStation have officially announced the PlayStation VR release date and price during GDC 2016.

President & Global CEO, SCE Andrew House followed up the event news with his own statement on what to expect from the PS4 headset later this year.

House confirmed the PlayStation VR would arrive in October and cost £349.99, less than both the Oculus Rift and HTC VIVE.

The Sony president also gave a breakdown on why the PSVR was arriving so late in the year, telling fans: "The the annual Game Developers Conference in full swing, I’m pleased to give you an exciting update on PlayStation VR.

"Today, we are announcing that PlayStation VR will release in October of this year for a recommended retail price of £349.99/€399.99.

"That is a bit later than the timeframe we previously stated, and I want to thank everyone for their patience and continued support.

"PlayStation VR represents a transformative experience in gaming, and we wanted to take the time needed to launch with a broad variety of content and a sufficient supply of hardware. We are beyond excited to deliver to consumers the amazing experience that PS VR offers."

The PlayStation VR system comes with a PlayStation VR Demo Disc, featuring a number of playable experiences from the launch line-up.

Sony confirmed that the standalone PlayStation VR headset will be launching in UK, Ireland, France, Germany, Austria, Switzerland, Spain, Portugal, Italy, Belgium, Netherlands, Luxembourg, Australia, New Zealand, Poland, UAE, Saudi Arabia, Denmark, Sweden, Norway, Finland, Russia and Czech Republic, in October 2016.

It should also be noted that the the base level PlayStation VR won't include the Move controllers or PlayStation Camera, the cam is a required addon to actually use the PSVR.