Yeah but if you buy now and the house is say £150k or you wait 6 months and its £135k then wouldnt it make more sense to wait
And then in six months what do you do? They might drop another 10% in the next six months, so you wait. Twelve months later, what do you do then? Wait another six months incase they drop then? If you follow that line of thought you'd never buy a house. Its the same when you buy a car, six months later you could of got a better deal but its all relative. The big difference with houses is that they can appreciate as well. If someone is looking to buy a house now, the best thing to do is do what you would normally do, and get the best deal possible. Then once you've bought it, forget about what its worth until you come to sell. Once your in, what difference does it make if your £150k house is worth £130k or £170k?
Also the 10% reduction is such a generic figure and is dictated massively by location. Some area will still appreciate and some areas will lose 20% etc.
Another thing, just because you see a house up for £150k now, doesn't mean the vendor will be automatically reducing it to £135k in 6 months..........
Its your field of work so im not going to challenge it, I do think we both have valid points in a round about way though.
Incidentally I have just been accepted on a new house in the last month and its not worried me too much about the recent announcements.