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Perhaps, but in an energy-scarce world, who would be able to afford living in an old, inefficient house? I obviously hope to be wrong but increasing material price and labour might alone offset whatever price decrease the extra inventory of a decreasing population might bring. I hope to be wrong, ofc.
My old place was a cold, stone cottage and was a nightmare to keep heated.
The kitchen at one point was measuring 6°C and that was with the heating on in the winter.
We got out of there in December 2019 and I'm so glad we did, because with COVID, Brexit and the war, house prices went bananas, energy bills went through the roof and interest rates have increased massively.
We could never have afforded this place today. I really feel for young folks today, we bought our first home at 33 years old after years of saving and that was in the time of almost no interest - it would be impossible now.