House prices shrug off election jitters hitting record high over £317,200

Asking prices for British homes hit a fresh record high in May as families in search of bigger properties shrugged off uncertainty caused by Brexit and next month's general election, a report said.

Online property website Rightmove said the price tag on a home has risen by £3,626 ($4,707) to a national average of £317,281 – marking the second month in a row that asking prices have hit a new record level.

Couples with young children were said to be "keeping the market moving" amid signs of it cooling, particularly around London and the south-east.

The asking price on a typical "second-stepper" home bought by families looking to upgrade from the first property they bought has increased by 5.4 per cent over the last year to reach £270,953.

Homes targeted by people looking to take their second step on the property ladder are typically three-bedroom homes or properties with four bedrooms which are not detached, according to Rightmove.

Rightmove director Miles Shipside said: "Whilst all-time high asking prices or economic and political uncertainty could be deterrents to would-be home buyers, this month shows another strong set of figures.

"Demand is exceeding supply in many parts of the country and continues to push up the prices of newly-marketed homes. Spring is in the air and home movers are springing up the housing ladder."

Shipside added: "What seems to be happening is that moving pressures are understandably taking priority over electioneering and Brexit worries. For many in this group, it seems that moving is definitely on their manifesto."

The report said the 1.2% rise in overall asking prices was the fifth monthly consecutive rise, and followed a 1.1% increase a month earlier.