Homeowners in the West Midlands are being forced to slash their asking prices as the property market stagnates, according to research.

More than 40% of all sellers in Birmingham and Coventry have reduced the amount they are trying to get for their property, the survey found.

Around 36.4% of sellers in Great Britain have reduced the amount they are asking for their property at least once since August, according to property website Zoopla.

The average person has knocked 6.1% off their original asking price, the equivalent of nearly £16,000.

The reductions are being made in response to a shortage of buyers, as many people adopt a 'wait and see' approach until the outlook for both the property market and the wider economy become clearer.

But sellers are continuing to come to the market, creating a mis-match between supply and demand and putting downward pressure on prices.

The group said many sellers were likely to have reduced their asking prices during the previous three months in a bid to secure a sale before Christmas.

Nicholas Leeming, commercial director of Zoopla, said: "For the past few months, asking prices have been somewhat out of kilter with what buyers are prepared or can afford to pay, but sellers are becoming increasingly realistic.

"The traditional New Year influx of properties coming to the market for sale will mean even more competition among sellers and many are keen to try to secure a buyer this side of Christmas and are lowering their expectations accordingly.

"As a result, now is a great time for buyers to try to land a bargain."