TWO Colchester homes have both been bought for less than £150,000 each after going under the hammer at auction.
Clive Emson Land Property Auctioneers sold off two promising properties in Colchester on Wednesday.
A two-bedroom house in Military Road, which requires refurbishment, was picked up for only £144,500.
Speaking about the potential of the building, senior auction appraiser Russell Hawkes said: “Although in need of a complete refurbishment programme, this property offered excellent potential for either re-sale or letting once improvements and renovations have taken place.
“Strong early interest led to competitive bidding which delivered a great result for both vendor and purchaser.”
The second property, a two-bedroom maisonette in Greenhythe, Greenstead Road, sold for even less, at £130,000.
Like the property in Military Road, the maisonette will also need some repair work completed to it yet, although it does have handy links to the Hythe train station and nearby university.
Auctioner Paul Bridgeman said: “We considered that this property, let at £825 per calendar month (£9,900 per annum) until June this year, had great potential.
“We felt that once works had been carried out it could be let again to provide a good income – and our bidders agreed.”
The next auction will take place on October 30.