Maybe. My town is 10 minutes away from a major airport so already has a high number of rental properties, that's one of the reasons why it's so difficult for first time buyers here. Often the one and two bedroom places don't even get advertised on the open market as the landlords and estate agents are in each others pockets. That also pushes prices up as landlords compete with each other.This doesn't surprise me at all. Such homes are prime for the rental market and can comfortably provide an annual 5% return for investors with minimal risk profile even with the punitive stamp duties currently applied. The demand for such investments is likely to offset any significant fall in prices IMHO.
If large scale redundancies start happening at the airport though I think landlords will have to sell as there probably isn't the rental market otherwise.