Win a property in London for £2

A new online company is selling property in a very different way to the conventional. WinAbode is tapping in to the recent craze for property raffles by selling tickets at as little as £1 for the buyers’ chance to win their dream home. This method has been used in the past by people that have found it hard to sell their homes through the conventional avenues.

Entrants can buy up to 150 tickets and just one £2 ticket could win you a flat in London. There is an entry requirement to answer a skill based question to make sure the competition is legal and abides by gambling legislation.

People selling their properties through the website pay five per cent plus VAT of the final sale price to  Winabode who state on their website: “This might seem high, however our aim is to sell for a little more than the open market value. This not only covers our fees and expenses, it also means that sellers end up with more money in their back pocket than if they had sold through a conventional estate agent.

“Once the value of the property is met (plus our small commission) we will randomly draw the winner from the list of correct entries. So that’s one content seller and one person winning a dream home. Sounds pretty good, right?

“And if we don’t manage to cover the value of the home we can either roll over the prize draw or someone will win the prize pot in cash instead, minus our commission.”

For different properties tickets will vary in prices costing between £1 and £10 and the first apartment in the Dalston area of London will have some 400,000 tickets available meaning the total of £800,000 after the 5% + VAT the seller will take home £752,000 if it is a sell-out.

This is unlikely to have a huge effect on traditional methods of buying and selling property, but it certainly does offer a very different experience.