Buying a house, or more specifically, taking a 25 year mortgage (which is what most people need to do to buy a house), at the present moment is like taking a bet on interest rates. This is not a bet I feel comfortable making.
Take a look at the following graph:
It shows UK interest rates since 1694. There's something distinctly odd about the graph on the right, where we are now...
Taking a 25 year loan, which in the UK is generally only fixed for 2 years at a time (you could fix for up to 10 years, but the penalties for needing to repay early or remortage can be hefty) is equivalent to betting that the following will happen: