Surely its best to buy something when its at its lowest price not when its just below its peak
Yes, that principle usually holds true but the position regarding obtaining mortgages is a bit mixed in the UK at the moment and it isn't that easy to get a good rate on a mortgage without a hefty deposit. So you may be ploughing a fair amount of your own cash into property at a time when property prices may well drop even further <forecast further drops over the next 18 months or so>
Of course it varies across the UK, where I stay at the moment we are not experiencing any major reductions in price but it is taking much longer to sell.
Probably best to wait 2 years
I personally think you have to weigh up the pros and cons. If you are buying a property for your main residence then I'm not too sure you should wait. Property prices <historically do fluctuate> and if you decide to move in the future, if your main home drops in value then the home you will be buying will also experience a similar drop <assuming you bought wisely in the first instance that is > and the opposite is true too <i.e rising prices>
If I was buying my first home and wanted to proceed this year, I certainly wouldn't be paying the asking price. I also would be waiting at least until the end of this year to see what will be happening with the mortgage rates and what deals may be on offer. The Governments view is that we have yet to see the full extent of the fallout from the credit crunch . That means it's going to get worse before it gets better.
It is a waiting game unfortunately I agree !