The property market in Sutton Coldfield is creaking under the weight of unsold flats, with sellers struggling to break even and buyers snubbing premium-priced developments. Over the past five years, developers have scrambled to grab land in and around Sutton, throwing up hundreds of new apartments. Now, estate agents are reporting that the market is 'awash'. Sellers are being urged to hang on to their properties until conditions are more favourable, or face a loss. And there are more repossessed flats on their books. The Land Registry reported that, for the first quarter of 2007, the average price of an apartment in Sutton was around £155,000, lower than the peak figure of 2005. The Registry reports that the current average price of a flat in Sutton is about £170,000 - compared to a national average of just over £200,000. Estate agents Acres and Jayman both confirmed that there was currently a glut of apartments in Sutton Coldfield. Another agent, who asked not to be named, told the News: "There are too many apartments for sale. The developers bought up big plots of land and put up 20 or 30 apartments on them, all for big money. They are clogging up the market." Paul Keeling, manager at Bairstow Eves in Sutton Coldfield, urged apartment owners to sit tight and wait for the storm to pass. He said: "A lot of people looking to sell have only owned their properties for two or three years. They bought when prices were at a premium, and in my opinion interest rates are now having a detrimental affect on the price of apartments in Sutton Coldfield. Now it's a case of riding the storm, arranging a buy to let mortgage and renting out the property, or taking a loss. "It's the case in Sutton Coldfield that there are lots more apartments available. Supply simply outweighs demand." Mr Keeling confirmed that apartments in some areas were easier to sell than others. The town centre fared best. Worst off were those flats in residential areas, where some developments have struggled to bring in the expected returns. Mr Keeling said: "Some apartments are definitely selling. We have just got a couple on the books this week. But we are also seeing repossessions coming through, and they are on the increase - they do seem to be twobedroom apartments in Sutton Coldfield." Mr Keeling said homebuyers were more interested in houses than apartments. He added that flat-owners who could afford to do so should wait at least 12 months, and assess the situation then. | 
