Good news for all Sony-based PlayStation fans and owners.

Per reports, the PlayStation Store has been updated to version 1.02 which reportedly improves the speed of load times and reduces stability issues.

The new patch will be welcomed by those who make the optimum use of the PlayStation Store as while the Store went live in North America and Europe late last year, and although it offered a more visually attractive and structured experience, users complained about its long load times and stability issues.

Previews of the new Store shown prior to release revealed a blazing HTML5-based app. However upon release the app slowed down big time once everyone downloaded and started using it. While, page loads did improve over time, it still felt a bit sluggish. The new patch is mainly pushed out to address this issue.

With the latest update to version 1.02, weighing in at 26MB, the PlayStation Store received an impressive speed boost. Now when users click on a section the page pops up instantly, allowing users to switch back and forth between pages quickly as probably intended.

"We've said before that we're not the biggest fans of the new PlayStation Store, going as far as to give it a runner-up award for the biggest failure of 2012. Our main gripe was that, instead of actually making things faster, like you'd expect, the store was often sluggish and unresponsive. Sony have now issued a new patch to speed things up," PlayStationLifeStyle.net stated.

"No patch notes are included, but anecdotal evidence and our own first-hand test run does indicate that the store is visibly faster. It's still not lightening-quick, and you sometimes still have to go through a few more steps than seems necessary, but it's an improvement."

Moreover, U.S.-based PlayStation 3 owners will also be happy to know that the web based version of the PlayStation Store will arrive later this month. European players, however, will know that this is not something new from the company as the feature already exists in Europe, but was not available in the U.S. until now.

The news was made public after Shawn Layden, COO of Sony Network Entertainment revealed the information to CNET.