HOUSE prices are being slashed by hundreds of thousands of pounds because of inflated asking figures and economic uncertainty, it is claimed.

Because of the slump, some homeowners are waiting up to 10 months to sell their properties according to The Times.

The lack of interest is thought to be because initial asking prices are too high and other issues such as strict mortgage lending rules, stamp duty rises and fears about Brexit. 

Figures today from Home.co.uk show the average asking price for a home in Oxford is £642,140.

However the average selling price, as of November, was £491,025.

Estate agents told The Times the number of sales completed in Britain is expected to drop by 11 per cent this year — down to the lowest levels since the market recovered from the 2008 financial crisis.

“It is a stuck-in-the-headlights situation. Neither party [buyer or seller] dares to move", Nina Harrison, of property buying agency Haringtons, said.