John Lucas opened Partridge and Lucas with former partner Dennis Partridge in May 1975 in Church Street, Eye.

Eight years ago, the business expanded by opening an office in Stradbroke.

Now Mr Lucas, 62, has decided to take early retirement because of the recession in the housing market which, he believes, shows "no sign of ending in the foreseeable future".

He added: "Another reason for making this decision is that I no longer enjoy estate agency work. It is not the well-thought-of profession which I joined 44 years ago when I left school.

"The profession has altered greatly owing to over-regulation. To name but a few – the ridiculous Property Information Packs, the Money Laundering Act, the Property Misdescriptions Act, the Estate Agents Act, the requirement to hold a credit licence when one does not offer credit, plus many other time-wasting considerations."

Mr Lucas, who has been assisted in the business by his wife Lindsay said he had enjoyed working in Eye, where many clients had become good friends.

"When I first opened, everybody in the town was extremely helpful and friendly and this has continued over the years."

"I have been most fortunate to spend so long in this lovely town. In my opinion, Eye is one of the gems of the British Isles and this is mirrored by the residents in the area," he said.

Mr Lucas said he would greatly miss being a part of Eye. He was a town councillor for many years, including a term of office as mayor, and is also a former chairman of Hartismere High School's board of governors.

He has seen many changes during his time in the business – not least the rise in house prices.