Not convinced, myself. You could maybe buy now at X% below the market value; but the smart money seems to reckon the market has quite some way to fall yet - so surely better to wait a few months and buy at X% below the market value then?
Of course predicting the 'trough' in the market is easier said than done, but if I was a first-time buyer I'd be taking advantage of low rents caused by the glut of 'forced-to-let' landlords and biding my time a bit.
David