House asking prices have hit a record high - but will they keep on rising?

A surge in house sales and a so-called 'race for space' among buyers has led to record high asking prices for homes in the UK.

According to new figures from property website Rightmove, the stamp duty holiday and a rise in buyers seeking roomier homes in response to the pandemic has led to record high prices - around a seven per cent rise in 2020.

The surge in house buying has meant estate agents are listing more homes as sold than for sale for the first time, with houses changing hands quicker than ever.

Average asking prices in 2020

Rightmove revealed that sellers in 2020 are asking for an average price of £323,530, representing an increase of 1.1 per cent on last month, and 5.5 per cent (£16,818 ) more than the same time in 2019.

Data shows that 'top of the ladder' properties - typically detached, larger homes - have seen the biggest monthly rise in moves.