The latest data continue to show that Sutton is surviving the recession well.

They show that average house prices in Sutton (as measured by the average price of houses in Sutton sold in any particular month) were up almost 1% in February of this year compared to the previous month, and stood at 4.2% above the figure for a year previously. The cost of the average house sold in February, the latest month for which reliable data are available, was £255 000. This bullishness in the housing market is generally taken as an indicator of confidence in the local economy. 

Positive indicators include:

The economic activity rate of working age adults in Sutton, at 81%, continues to be well above the average for London, which is 76%. Sutton residents continue to find work, and the percentage has increased (by 0.5%) in the last year. Many residents commute to central London for work, and it is unsurprising that the average pay of employees working in Sutton (£519 a week) is less than that in central London.

This finding, that Sutton residents continue to find work, is supported by the decline in numbers claiming Job Seekers Allowance, down by 7% in March compared to the figure for a year previously.

That said, the number of people who have been collecting JSA for over a year has risen in the last year, suggesting that those who have become distanced from the labour market are finding it more difficult to get work. Richard says this mirrors what he finds, as a local Councillor, in his casework, with people made redundant in their 50’s often finding it hard to get back into work.

This suggests that the Council’s “Opportunity Sutton” programme is an important priority. Jobs are gold dust and the prosperity of the Borough depends on people finding and staying in work.

New business start ups were at a record level in Sutton in 2012, with 863 new companies formed.

The number of local companies going into administration was down in the most recent quarter (January to March) and down on figures for a year previously.

The data that comes to the Housing, Economy and Business Committee usually shows a mixed picture, but the latest data are mostly encouraging. One negative that concerns us is that enquiries to Sutton’s Citizens’ Advice Bureau were up by about 5% in the last quarter, with debt advice enquiries increasing by 8.8%. Richard has said his piece, at Sutton Council meetings, about the problem of “payday” loans and we cannot see why it is impossible to have a maximum figure for the interest charged on these loans (it can be over 1000% APR) imposed in law. Richard’s comments are included in a separate post on this site on this subject.

This information is analysed by Richard in his role as vice-chair of the Council’s Housing, Economy and Business Committee, which has oversight of economic development matters and the “Opportunity Sutton” programme. This is currently generating projects involving over £90 million worth of investment in Sutton, including the “Sutton Gateway” project to develop and improve the area from Sutton Court to the station. We hope this will include improving and opening up the side entrance to Sutton station, better shops and restaurants, new jobs from office development, more housing as Sutherland House is developed, the relocation of the recycling bins at The Quadrant and a general tidying up of the area.