Geoff Morgan, franchisee of Winkworth Northampton, gives his thoughts on the local property market.

“Anyone who read the recent lead article in The Times (August 10) could be forgiven for thinking that the property market is about to collapse, and those looking to move had better stay put, unless they want to sell their home for a pittance! But wait – haven’t we been here before, and lived to tell the tale?

Many will recall when mortgage rates were just below 20%, and yet we still managed to buy and sell property. Admittedly it is harder for first time buyers, as the average cost of a house as a factor of average earnings, is now 75% up on where it was 25 years ago. However, interest rates are almost 75% lower than they were at that time.

Looking forward, the key questions centre around what is most likely to happen with prices, supply, mortgages, new builds, etc? If I knew the answers, I would be writing this from an exotic beach somewhere! What is certain is that people will still move house for a variety of reasons.

The most recent Land Registry report (July 28) shows that the national average house price is £166,072, up 8.4% from 12 months ago. On a more parochial level, the average price in Northamptonshire is £138,532 – up 8.9% on 2009.

Sales in the first four months of the year show an average of 44,114 completions, which compares favourably with a monthly average of 32,041 over the same period last year. So much for statistics, but what does all this mean for those who are currently thinking of moving? Quite simply, if you want to move house for whatever reason, there is no reason not to do so now.

You may not get as much as you had hoped for – but you will certainly pay less than you had expected. In short, if your property is correctly valued, creatively marketed, and professionally managed, you will find a buyer – and then it’s your turn to move”.

For further information on property for sale in Northampton, contact Winkworth Northampton Sales office on 01604 824854.