Rent, don't buy. The house price crash continues steadily on flats/apartments.

Depends entirely at what point you think prices have bottomed and that mortgage payments become more attractive than rental payments - certainly not as clear cut a decisoin as you imply!

The Economist recently estimated houses are overvalued by 18%, if the OP rents he'll also have more money to spend around Salford.

An excellent point. If he nips across to the Lowry Outlet mall and buys a Burger King and a cinema ticket he can double their annual turnover.