Buy. I want to be able to own my own house (if I will ever be able to pay off the mortgage, that is).
Buy of course, it's the capitalist way.
Enough of all these people who don't own their homes.
Buy if you plan to live there long-term
A lot of the criticisms in this topic about buying are a wee bit flawed. Over the long-term, property holds it price extremely well, it is very different in this to most other commodities. House prices generally settle at 6x average income. Obviously there has been a recent price bubble, but this is something that was fuelled by excessive levels of debt. Once prices have corrected themselves, we'll be back to normal.
Of course, if you rent you could use the money elsewhere and would probably get much greater returns. However, this is obviously a much riskier investment than a house is.
If you rent, you're pouring thousands into something and you're going to have absolutely diddly squat at the end of it.
If you buy, you're sorted, your money's in bricks and mortar. Even if prices go down, they're always going to go up again, and you can rent it out until then.
I'd rather buy. I think renting is dead money when you could buy and be making an investment.