Good point kirinm, even if prices fall slightly new buyers may still be better off having bought, if the fall in value is less then the rent they would have paid if they hadn't bought (minus transactions costs like stamp duty, and and maintenance costs of course). And they are also have the benefit of living in their 'own home', can decorate as they like and so on.
The calculation may be different for those ftbs who are living with parents, so not paying as much rent. For them the 'wait and see' strategy may be more appealing. (Though they also may be keen to move out!).
£30k in rent though. How do people afford to save for a deposit if they're paying rent at those levels? Sorry to sound out of touch, but i never fail to be struck by how difficult it seems to be for ftbs these days.