Surely buying is the safest long term scenario? I wouldn't want to be renting when I'm retired, as you become totally dependant on the rental market (i.e. if rents shoot up, you're screwed). Even if the housing market tanks and my house halves in value, at least I'll have somewhere to live.

If I look at my friends parents who live in some nice parts of London, there is zero chance they could afford to rent the houses they live in now, the ones they bought 30 years ago.