Everything you need to know about property raffles
Last year, Marie Segar won a £845,000 Lancashire manor house after spending £20 on raffle tickets. The raffle was the brainchild of Natasha Dobosz and her husband Dunstan Low, who had struggled to sell their property.
Before the raffle, the couple was weighed down by mortgage debt and was struggling to make the monthly repayments. They had hoped to sell £1,000,000 worth of tickets, and they only missed this target by £2,000—and they still raised far more than they could have hoped for on the open market. Another advantage was that they avoided dealing with potentially flaky buyers.
Although this is a novel way to sell a property, they’re not alone. A quick Google search will unearth various properties being raffled at any given time.
A new property raffle website
More interestingly, perhaps, is a new platform that enables people to raffle their property.
Winabode.com, launched in 2017, aims to allow people to sell their properties via a raffle. Their first property is a ground floor flat in Dalston—one of London’s uber trendy locales (it was once voted the coolest place to live in Britain)—worth £700,000.
It boasts three bedrooms, outside space, a dining area, a separate WC and is spread over almost 1,000 sq ft. The property is situated just around the corner from Dalston Junction train station, which is 15 minutes away from King’s Cross and Liverpool Street. Moreover, local estate agents have suggested the property could achieve an annual rental income of over £30,000.
The winner of the raffle will get the property mortgage-free and the legal fees, up to £1,800 (including VAT), will be covered too. In addition, no stamp duty is payable on the prize (the current rate for a £700,000 property would be at least £25,000).
The tickets for the Dalston flat are £2 each and are limited to 150 per person. But this will vary for other properties. The draw is on 14th February 2018—so VERY soon. WinAbode have also promised to cap the number of tickets sold.
How do I enter?
- Select the number of tickets you want to buy
- Answer the skill-based question
- Keep your fingers crossed!
You can also research the property further on WinAbode’s website, where you’ll find lots of pictures, floorplans, a detailed description and other details, such as the property’s location and local amenities.
As with all property raffles, the raffle is skill-based—i.e. you have to answer a question too. The law also dictates that WinAbode must offer the chance to enter the competition for free. To do this, you have to post your entry—you’ll find the form and more details on their website. The raffle is only open to United Kingdom residents over the age of 18.
Will property raffles take off? It’s early days, but in a stagnant market they have huge appeal to sellers. And, as a nation, we seem to like a flutter. So, I suspect there will be no shortage of “buyers” too.