The 'Kiss Kiss' singer and former Neighbours actress revealed the news to her followers on Twitter.
Billionaire property tycoon Nick Candy, whom she has dated for nearly two years, proposed extravagantly with an electronic light display reading, 'Will you marry me'.
Overwhelmed by the news, she tweeted alongside the picture: "And I said YES!!! ♥ Happiest day of my life!!!!! Xxxx"
She spoke of her deepening affection for Candy in an interview earlier this year.
Last year, Valance said that she finds Candy's wealth "overwhelming", and confessed that she may never adapt to his way of life.
The 28-year-old, who was a contestant on Strictly Come Dancing, had to deny rumours that she was dating dance partner Artem Chigvintsev.