This seems to be a phenomenon that is on the increase now, namely where people looking to sell properties are offering them off as a prize in a ‘raffle’.
Willenhall businessman raffling off stunning £1.1m Tudor mansion – for just £5 a ticket
A £1.1m Tudor mansion is being raffled off – and one lucky house hunter could bag the six-bed Herefordshire pile for just a fiver.
The luxurious Grade II-listed countryside mansion is being sold off in a ticket draw to boost funds for charities, including Birmingham Children’s Hospital.
Tim Page is offering his 16th century home, near Ludlow, as the top prize in the raffle which will also raise cash for Beacon Centre for the Blind.
And one lucky punter could become the next owner of the 500-year-old gem for just one £5 ticket.
The businessman, originally from Willenhall, purchased Orleton House in 2018.
Built in the 1580s, Tim spent the past two years modernising the timber-framed Tudor mansion which also boasts of spectacular gardens set in one acre of land.
The winner of the draw will become the new owner of Orleton House with the Beacon Centre for the Blind and Birmingham Children’s Hospital splitting £100,000.https://www.birminghammail.co.uk/news/midlands-news/willenhall-businessman-raffling-stunning-11m-19837382
While this one does have some charity or ‘good cause’ connection, there are several other examples of this linked to in the above article.
Many people struggle to get onto the property market, because of the limited number of purchasing opportunities available, combined with an inability to be able to afford any kind of mortgage, which would otherwise saddle them with debt for years to come.
But then equally, property sellers face similar challenges, due to the inflation in the property market, the number of potential buyers is also limited for similar reasons.
This is probably more of a winner for the seller really; offer out raffle tickets at £5 or £10 a pop, get some free publicity from some local news rags such as the Birmingham Mail, and if you’re really lucky you might get more from ticket income than your property is actually worth.
Of course, for someone in my position, winning a £1.1m mansion for just £5 would be incredible. But that’s the thing, it is just another lottery, and there is no guarantee of winning, just a small remote possibility. And even then, if I did win this raffle, would I be able to actually afford to live in this property, considering council tax and other running costs?
Not on my current income! But hey ho, no problem, the property only cost me a £5 raffle ticket, so I’ll just stick it back on the market and sell it to make a huge profit… oh wait…