Heres the thing, back in the boom, I worked with an architect doing pre purchase surveys and valuations. Ive seen the market at its peak and when the time came for me to buy a house, I managed to save myself 100k by waiting 18months. Dont get me wrong, I still paid 230k for my house but I was prepared to pay for the location as it really suited us (2 min drive to the motorway, 10 min walk to the train station) and it was a house I could live with long term with the space to expand if we needed.
If I had to sell up tomorrow, Id loose about 40k easily. Does it keep me awake at night, nope. I think the reason is that I bought the place to live in it, not as a stepping stone to a bigger house.
I rented for 3 years with herself before we bought and it was the best thing we could have done because we both knew exactly what we needed space wise to stay sane
There does come a point when you have to just say fucit and take the leap, And for us, saving 500 a month on rent was that point.
Im not convinced the release of housing stock will be the firesale everyone thinks. There is a very good chance we'll end up with a 2 tier market, one for very cheap houses, and one for houses that you'd actually like to buy.
If the time is right Gav, go for it but buy in the knowledge that you're going to be there long term. Oh and buy the best you can afford. A lot of the houses built in the last 10 years are truely shocking and will become a major headache in the next 10.