To buy a house or not buy a house - ADVICE NEEDED PLEASE!!!!!!!!?

Hi, my bf and I are looking to buy a house this year - but aren't sure whether now is the right time or not. We are currently managing to save about £500 a month - our rent is £500. Would you wait for a while and continue saving up for a deposit (we'll have about £10k come October 2008) or would you go... show more Hi, my bf and I are looking to buy a house this year - but aren't sure whether now is the right time or not. We are currently managing to save about £500 a month - our rent is £500. Would you wait for a while and continue saving up for a deposit (we'll have about £10k come October 2008) or would you go for a house now? If prices keep falling and interest rates keep rising, would it be foolish to buy now and end up paying more for a house worth less?
Please help, we don't know what to do.
Update: I think you're wrong Ozzy - why would it be a buyer's market when the prices are still going down? The best time to buy is while prices are at their lowest so the value of the house rises after you've bought it, not continue to fall!
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