The ValPal Network: Record property leads generated despite slower 2023

A record 1.6m leads were generated through The ValPal Network (TVPN) last year, the proptech firm has revealed.

The housing market may have been slower in 2023, but the number of customers seeking online home valuations via TVPN increased by just above 8% on 2022 figures.

These numbers are calculated by adding full leads where a customer provides address and contact details to bonus leads where they have supplied their address details only.

The New Year has got off to a flying start, TVPN said, with more than 65,948 valuation requests received by TVPN up to 12 January, or just above 5,495 per day.

TVPN director Craig Vile said: “These figures demonstrate the high levels of pent-up demand that is simmering away in the market.

“Both buyers and sellers have been waiting for conditions to improve just enough for them to be confident that interest rates have peaked and inflation is under control. While it was tough-going for some in 2023 and transactions dipped a bit following the Truss/Kwarteng mini-Budget, the demand remains as strong as ever and there is lots of market activity beneath the surface.

“The second half of 2023 was better than the first and this momentum is gathering pace into the New Year. Mortgage rates have been easing for months now and lenders are becoming very competitive with the prospect of lower base rates in the Summer.

“Sellers will be reassured by the fact that prices did not collapse in 2023 as some commentators predicted.

“That said, some regions did see a modest readjustment so there may still be some bargains to be had for savvy buyers if they get their skates on.

“But even when the going was tough, people were still keeping track of the value of their properties – and our research shows that 18.5% of leads convert to sales.”

Vile added that the Spring Budget on 6 March “and perhaps some direct action from the Chancellor to make life a little bit easier for first time buyers” may give the market a boost.

The ValPal Network is owned by Angels Media which also publishes the Today group of online property trade titles.