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Demand for property was up nearly 60% over the last two years, while supply was down 40. This meant that house prices shot up.
Nearly 10m homes shot up by £50,000 in value over the last two years, as the pandemic created levels of demand from buyers not seen since 2006.
The average home went up £48 a day, which is down to new flexible working from home, which allowed new home buyers to look at locations further afield.
Demand was so high, running at 58% above the five-year average, that supply levels took a hit, with the number of homes for sale falling to 40% below the five-year average.
This, in turn, pushed house prices higher at rates not seen for 16 years, as buyers competed to secure the homes of their dreams.
Total value of UK homes passes £10 trillion mark
For the first time, the total value of the UK's 29.5m homes has surpassed the £10 trillion mark, as £1.3 trillion was added to the property market during the course of the pandemic.
The overall value of UK homes now stands at £10.1 trillion.
One in three homes shot up in value by more than £50,000
Of the UK's 29.5m homes, nearly a third, or 9.4m, have grown in value by more than £50,000 since the start of the pandemic.
Zoopla’s data shows the UK's more affordable regions saw the biggest gains due to flexible working.
That said, where homes are already more expensive, gains could also be seen.
London and the South East account for over 3m of these rising properties, while in the South West, nearly 2m grew by more than £50,000.
A further 9.4m homes across the country increased by £25,000-£50,000 in value.
But there have also been losses in value across the UK
A total of 1.6m homes (that’s 5.7% of the total housing market) have either stayed the same price or lost value since the pandemic began.
Of these, 800,000 have seen a value decline of 5% or more.
These homes can mostly be found in inner London, where the impact of the pandemic has hit travel, working patterns and demand for homes.
"Not everyone has seen home values increase. Affordability is holding back prices in London and southern England and our analysis reveals the centre of gravity of the housing market is shifting northwards. The largest gains in value are being seen in more affordable areas where there is further room for price growth, even with modest increases in mortgage rates." Richard Donnell, Zoopla’s Executive Director.
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