We analyse a class of variational space-time discretizations for a broad class of initial boundary value problems for linear, parabolic evolution equations. The space-time variational formulation is based on fractional Sobolev spaces of order 1/2 and the Riemann-Liouville derivative of order 1/2 with respect to the temporal variable. It accommodates general, conforming space discretizations and naturally accommodates discretization of infinite horizon evolution problems. We prove an inf-sup condition for hp-time semidiscretizations with an explicit expression of stable test functions given in terms of Hilbert transforms of the corresponding trial functions; inf-sup constants are independent of temporal order and the time-step sequences, allowing quasi-optimal, high-order discretizations on graded time-step sequences, and also hp-time discretizations. For solutions exhibiting Gevrey regularity in time and taking values in certain weighted Bochner spaces, we establish novel exponential convergence estimates in terms of N-t, the number of (elliptic) spatial problems to be solved. The space-time variational setting allows general space discretizations and, in particular, for spatial hp-FEM discretizations. We report numerical tests of the method for model problems in one space dimension with typical singular solutions in the spatial and temporal variable. hp-discretizations in both spatial and temporal variables are used without any loss of stability, resulting in overall exponential convergence of the space-time discretization.