SONY has finally shown off its PlayStation 4.

The Japanese technology giant revealed the system at a special press conference at E3 in Los Angeles last night.

The angled-looking machine will be priced at £349 in the UK (€499, $499), undercutting the rival XBox One system by £80.

Sony also made it clear it would not be placing any restrictions on second hand games, allowing users to share and trade-in games with friends and retailers.

Microsoft has come under fire for plans outlining how gamers will be severely restricted in how they be able to use games when it comes to sharing and trading.

Nor will the PS4 require a daily 'check' with Sony's servers, as the XBox does, meaning you will be able to play on the system without requiring an internet connection.

However, in order to play online, gamers will now need to join the Playstation Plus subscription service. Currently PS3 users can play online for free, although there is the option to join Plus if wanted in order to get a host of free games and extra services.

An exact release date for the system has yet to be revealed beyond 'Holiday 2013' which means in the run up to Christmas. Last month, an advert in a British newspaper made it clear the device would be released in the UK this year.

In previous generations, Europe has lagged behind the US and Japan when it comes to release dates.