If house prices fall, does that increase demand for rentals?
Buying a house is a large and often leveraged investment. So if you are someone who is deciding to buy a house and aren’t desperate, you might look at the market and say “I am not going to make a £300k+ investment into a house thats clearly going to decrease in value - I may as-well rent even though the rents are high”. Or even sell a house and rent for a period, putting your money elsewhere meanwhile.
Does this increase the demand for rentals in a declining house market?