With so much in the media about the UK credit crunch, I am trying to decide whether it is the right time to buy a property. I am looking for a one bedroom flat in London that will provide me with good rental income.

I am slightly encouraged by the fact that many people will remain in rented income while the housing market is in decline, which suggests there will be plenty of potential tenants.

I am wondering when will be the right time to pick up a bargain. Will I purchase and find that prices have slumped even further? Or as I am purchasing in London am I exempt from negative purchase equity? I hate it when I buy something in a shop to find out later in the season it went in the sale, imagine how I would feel if my property price fell after purchase.

I was originally going to purchase a property at the end of 2007, and even had a survey done on one property, then the media hype and the uncertain economic climate made me change my mind. It was coming up to Christmas so instead of stretching myself. My partner and I decided to pay off all our debts and wait and save.

So when is the right time?