Prices will continue downward for the next year, that much is pretty much agreed on by anyone without a vested interest in saying otherwise. I don't think anyone agrees that they've bottomed out already.

I think the timing is a delicate thing to think about!! Interest rates WILL start to creep up... which makes some price falls largely irrelevant as it won't bring your monthly payments down by as much as some may anticipate.

I wouldn't worry about prices too much as long as you can afford the monthly payments [and have a long term fixed rate, watch for interest rates next year!] if you're buying a home and not trying to find an investment property? If it's a home you want then pricing is just relevant to what you can afford at the time and if you plan to stay in the lpace for say, 5 years minimum it's highly unlikely you would be in negative equity after that period. And anyway, the price of your house would be the same in relative terms to whatever else you're looking to buy!

Personally, if I was looking to buy a house I would consider December onwards as being a pretty good time to buy.

Those caught up in the investment boom in the last few years are starting to off load already. Going to an auction next week to have a look at the prices and see what the 2 bed stuff they were buying to rent is fetching! I think there's going to be a few of them on the market in the next 6 months....