The value of homes sold in 2020 is set to hit £300bn this year, says Zoopla – £62bn more than last year’s total.

Demand is up 33 per cent this November compared to November 2019, the data adds, and in the whole of 2020 there were 40 per cent more buyers when compared annually.

The additional £62bn in sales partially derives from the monetary value of homes sold being 26 per cent higher in 2020 than in 2019, which the data shows is because of there being a rise in house buying from affluent demographics.

And annual house price inflation is at 4.3 per cent compared to the 1.8 per cent seen for flats.

Added to this is the fact that supply has increased by just 4 per cent, which Zoopla says has enacted “an upward pressure on house prices.”

In November 2020, house prices grew 3.9 per cent annually, making for an average house price of £222,900, Zoopla says.

It expects house price growth to hit 5 per cent in mid-Q1 before slowing to 1 per cent growth thereafter.

Zoopla director of research and insight Richard Donnell says: “The ‘once in a lifetime re-assessment of housing’ kick-started by the pandemic has further to run in our view and this will support demand into 2021.

“With a long Christmas weekend, and many households isolating in smaller groups, we expect interest in housing to be stronger than usual ahead of the traditional Boxing Day bounce when interest in housing jumps and the next tranche of would-be buyers.

“While market activity is being boosted by latent demand unlocked by the pandemic, the housing market is not immune to economic forces and rising unemployment. Economic pressures are already impacting in parts of the market, reducing the volume and share of sales in less wealthy areas, for example.”