There has never been a fluctuation in my lifetime that has pushed house prices lower than the cost to rent (that I've noticed anyway)[0]. The prices certainly do go up and down, but we're operating from the basis of an island with minimal available space to build more, and seemingly never enough houses available for people to buy who want to.
You defeinitely have more ability to move if you're renting, and I'm sure that's of concern to some people, but not all.
In terms of buying in a more or less prefereable area, rental prices (IME) tend to track the cost to buy so if you can't afford £n00/month mortgage in a certain area then you are likely going to see £(n00 + y)/month rents you also can't afford.
[0] edit Also, remember that when you finally finish paying off the house, it's yours, an asset. You can live in it or sell it. Rent has to go down quite a lot to 1. initially be lower than mortgage payments on an equivalent house and 2. to still end up costing less after you've factored in the sale price of your house at the end.
You defeinitely have more ability to move if you're renting, and I'm sure that's of concern to some people, but not all.
In terms of buying in a more or less prefereable area, rental prices (IME) tend to track the cost to buy so if you can't afford £n00/month mortgage in a certain area then you are likely going to see £(n00 + y)/month rents you also can't afford.
[0] edit Also, remember that when you finally finish paying off the house, it's yours, an asset. You can live in it or sell it. Rent has to go down quite a lot to 1. initially be lower than mortgage payments on an equivalent house and 2. to still end up costing less after you've factored in the sale price of your house at the end.