HOUSES in Oxford are selling for less than their owners asked for, according to new research.

Website Zoopla found buyers have been able to negotiate discounts of up to five per cent on average in the first quarter of this year.

This was higher than the UK average of 3.9 per cent and represented an increase on 2018 figures.

The company's price cities index for the first four months of the year found the average price for a house in Oxford is £410,000.

This represented a year-on-year increase of 1.8 per cent and showed a change in fortunes for the city which saw a 0.7 per cent decrease in prices during 2018.

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Across the UK, house prices increased by 1.7 per cent over the 12 months to April 2019 - the smallest annual growth since 1996.

Richard Donnell, research and insight director at Zoopla, said: "Sellers are having to accept slightly higher discounts to the asking price in order to achieve a sale. This is a natural response to weaker market conditions and buyers are starting to negotiate harder on price.

"The increase between asking and selling price is off a low base. Correctly priced homes continue to sell within a reasonable period and setting the asking price at the right level remains a key decision to agree with your agent."