My advice would be to buy now. In truth, property prices may level out, as we are seeing more and more new builds and constructions popping up, well here in the south anyway. I cannot really see a dramatic decrease in property prices coming, however it is a buyers market, with a good choice of properties, to suit all tastes and almost all budgets. Saying that, renting first is always a good option, until you get a feel for a certain area, because living in a place is certainly very different to holidaying there.