WIDESPREAD reports of an impending house price crash are “misguided”, a leading property expert has said.
Craig Vile from The ValPal Network said today’s interest rate rise would create “new challenges” for those working in the sector.
But he believes the market is robust enough to cope, and that many regions could yet enjoy a strong Summer of sales activity.
Mr Vile said: “Like most across the sector I’d rather not have seen another interest rate rise from the Bank of England. It creates new challenges. However, given the problems the Government is having bringing down inflation no one working in the property market should be remotely surprised that this step has been taken.
“The rise has prompted claims we are heading for double digit house price crashes across all our villages, towns and cities.
“This is both sensationalist and misguided. This is nothing like the situation in 1992 or 2008 when the market was genuinely teetering on the brink.
“It is also worth remembering we have been here before very recently in the days after the Truss/Kwarteng Budget, when commentators were predicting a massive market crash. It didn’t happen then and I don’t believe it will happen now.
Commenting on a reported meeting which is due to take place tomorrow between the Chancellor and industry leaders, he continued: “Tomorrow’s summit between the Chancellor and industry figures is vital. The decisions taken will have a big impact on the market and it’s vital measures are introduced which help support homeowners and thus support those working in the industry to make the most of what continue to be huge opportunities.
“We don’t need to talk ourselves into a house price crash – calm and assured leadership and sensible proposals , coupled with the strength of the market, will protect the sector and enable us to come through the challenges.
“Many parts of the country are actually seeing prices rise, and the market remains incredibly robust. Houses are still being sold. And it’s estate agents and those working across the sector who now really hold the key to how things go from here.
“Those who operate in the quickest and most efficient way to maximise the opportunities which the market is still offering will reap the most rewards.”
With this in mind, Mr Vile said The ValPal Network (TVPN) has developed an innovative new tech, called Connect, designed to help agents maximise the opportunities which are fast-emerging in the Summer property market.
The tool works by sending an alert the moment a would-be seller visits an agent’s website and requests a valuation.
When this happens Connect automatically calls the office and asks the team if they would like to contact the vendor.
It means estate agency staff are in touch just seconds after the valuation request has been made.
Explaining why this is key, Mr Vile added: “Our research has revealed speed is vital when it comes to converting sales leads into instructions. Responding within the first minute of a lead being generated increases the chances of conversion by 391%. We found a response within 5 minutes is still 21 times more effective than taking action after 30 minutes. But after that 5 minute window, the odds of qualifying a lead drop by 80%.

“The market is ultra competitive at the moment and those who react quickly, and most efficiently will find they have the most success.

“It’s important that agents change their approach to suit the current market. People are taking more touch points before they make a decision. They need extra reassurance so they’ll be reliant on the trust and expertise of an agent to complete their move.”