House prices are on the rise because there are not enough sellers to meet the demand on the market, according to one expert.

Timothy Lambert, head of consulting at Ducalian, believes the increase is due to the fact that buyers are having to pay the asking prices on properties as a result of the competition.

He estimated that there is normally six people going for each house, meaning consumers are paying more than they should for the property.

Mr Lambert added: "Prices are rising due to a continued lack of stock on the market and first-time buyers believing that if they don't buy now they will miss the bottom of the market."

However, he suggested that prices will continue to rise throughout the summer due to a new government being in place, but admits the increase will be slow.

This comes after Nationwide announced prices rose by 0.5 per cent month-on-month in May, with a 12.2 per cent increase being seen since February 2009.