Is it a good time to renovate? due to current house price plummet?

i am 3.5 months into buying my first property. its a two bed flat in a desirable area that needs renovating and modernising. it needs double glazing and central heating and general sprusing up here and there new kitchen and bathroom would be nice. we havent got to move straight into it because we live with my girlfriends parents. we are told the sale is taking so long due to complications with the lease. because we are unsure what to do with the sale as house prices are fluctuating we have currently but the sale on hold! what do we do is now a good time to be buying to renovate? the area we live in has currently had no price drops at all. they ares still rising. please help very confused