‘A million leads proves market confidence,’ says PropTech boss

Political and economic stability are encouraging more movement in the housing market, according to new figures released by online valuation specialists, The ValPal Network (TVPN).

New data shows that members have generated more than 1m leads so far this year – passing the milestone a month earlier than normal.

TVPN director, Craig Vile said: "Times have been tough in recent years and the economy has suffered a number of shocks. When that happens, people tend to stay put and wait to see what happens next.

"But now, the election is behind us, inflation is under control and mortgage rates are coming down – with further cuts likely before the end of the year.

"Employment rates remain high and wages are now rising higher than inflation. This is filtering down to the homeowner who now feels confident that the time may be right for them to make their next move."

Zoopla reported last month that sales are on the rise with a 16% increase in sales agreed since 2023 and a prediction that average prices will have risen 2% by the end of the year.

No signs of slowing

UK buyers are now paying an average 96.8% of the asking price – up from 95.6% last October.

"In the end, confidence is the key," said Vile.

"Uncertainty breeds stagnation. What our numbers show is that more homeowners are thinking about moving because they are checking out their online valuation and starting to do their sums with their next move in mind."

"Zoopla's last figures showed that in June, there were more homes for sale than in the last six years. More sellers means more buyers.

"And the trend is showing no signs of slowing. The next phase will see a greater number of first-time buyers feel sufficiently reassured to enter the market – then everyone will feel the benefit of that energy being injected into the marketplace.

"Looking ahead to Autumn and into the end of the year, agents should prepare for a busy period.

"We know that over 18% of online valuations go on to instruct within five months.

"This much activity in late summer strongly indicates that agents should be working hard now to fill that pipeline for the end of the year.