http://www.eadt.co.uk/content/eadt/news/st...3A33%3A34%3A697

PERSONAL debt in Suffolk is higher than ever before - and the numbers of homes being repossessed has more than doubled in the last ten years.

Financial advisors around the county are being inundated with pleas for help from debt-strapped residents who are increasingly relying on credit to fund their lifestyles.

One expert told the EADT that there had been a “huge increase” in personal debt, while another described the figures as “shocking.”

The Citizens Advice Bureau (CAB) in the East of England dealt with 212,300 debt problems in 2005/06 - the most recent figures available - with the average total household debt soaring over £13,000.

It comes as the number of mortgage possession orders made in Suffolk between 1997 and 2007 has rocketed by 109% - from 219 to 458.

No clearer indicator with regard to market stress than this.

For comparison, does anyone know what the rate of repossession was in 1991/2 (or whenever it peaked in the early 90s?)

This can't be right. According to Andy Jones and Rachman anyone worth a moment's thought is earning at least 100K. Anyone that's not is a failure and deserves all they get.

House prices in Suffolk quadrupled between 1996 and 2006, yet salaries probably only increased by about 50%. The county is now riddled with BMW series 3s, 4x4s and silly little boutique shops selling pointless overpriced fashion.

The people of Suffolk have been living the 'home counties dream' on rural economy wages supplemented by the most enormous mountain of debt imaginable.

Oh yes. Suffolk will be hit hard - very hard.

You mean they don't all live like Lovejoy - swanning about in quaint motors, doing deals and leading the life of riley?

They really are a pair of d*cks.

Don`t forget the North Folk, their neighbours, I would say they are in the same boat.

so are prices actually dropping there then?

It depends. Flats and small town houses are still showing small rises. Properties over £250K in the villages have been coming down a little lately. Big country gaffs (of which there are plenty) still sell well to incomers at very high prices - which I suspect flatter the headline rates somewhat.

Most new builds are still being snapped up by speculators who attempt to let them out for a 3% yield. Once this prop disappears prices would need to fall at least 30% before anything resembling a healthy market could re-emerge.

Agreed. The two counties are very similar, except the wages in Norfolk are even lower (but to be fair, house prices are proportionally lower). Having said that, Norwich is completely and utterly detached from reality - a bit like Cambridge, but without the well paid jobs.

Ipswich, Woodbridge, and Felixstowe in Suffolk have absolutely loads of flats that just aren't shifting, especially the new builds, just punch IP1, IP12, or IP11 postcode into propertysnake, and you'll see the price slashing going on.

Punch IP1 or Ip12 into rightmove and select flats, and you'll also see a massive oversupply of flats, especially in ipswich, and woodbridge. many of which have been on the market for well over 6-9 months!

IP1 for flats on Rightmove and Propertysnake is absolutely staggering!!!

All overpriced anyway, and no one wants them.

perfect recipe for disaster