When ever you have a Market where the Buyers dont ever intend on taking delivery of the product then its a Speculative market relaint on the buyer being able to re-sell at a higher price.
With property Investment the Buyers dont intend on moving into it, so in effect dont take delivery.
They rely on being able to rent it out to cover the outgoings while it hopefully rises in value.
The massive overhang is if the Properties get to the point of needing to be rebuilt, and assume that happens at a time when rebuilding may be at such a high price its unviable to rebuild it and it may also be unrentable due to becoming a deralict building.
