'$28k could easily service a nice home hands down with change left over for a modest holiday'. Play2Win frankly that is complete nonsense, unless of course your 'nice' home is one over which you have a miniscule mortgage with no running costs and your holiday destination is as 'modest' as the local campsite. Irrespective the main issue in the current market is timing. Prices are falling, debt is unfashionable, entry costs at purchase can no longer be financed by grants, buyers are virtually non-existent and becoming increasingly mindful of the current state of play. As such, expect further price falls, a likely acceleration of this decline and jantimot's calculations to continue to work in the renter's favour. Renting is pissing money into the wind? On the contrary.
