>> When prices have stopped falling and people have stopped taking low offers would be a better time to buy. > Why would you wait until prices have risen again to purchase? Surely, if one can obtain the property they want at under market value, or at a reduced price, this is more appealing? No? seanmlow: I wrote a simple description of the bottom of a trough. That's all. There may be a small rally after a trough. A trough may not be the trough that is the bottom of the market. That's why it's better to buy as near as possible to the bottom of a trough, and best to buy at the bottom of the trough of troughs. mikeb has already pointed out that buying a house below market value is a tautology. Unless, of course, it is an interesting transaction engineered reduce the price for CGT, IHT, or other more technical tax iability (which I'm sure does not happen in East Dulwich). "The fact that prices have fallen and people are taking low offers!" does not, of itself, make it " a very good time to buy".