While a property is usually a considerable investment, this luxury 2-bed apartment in London could be purchased for as little as £1. With the market back on track since its pause over lockdown, you can now enter to win a property as a raffle prize. Demand for property has spurred, and in order to draw attention to their listings, agents create a lottery in which the property is the grand prize – to be won for a tiny fraction of its value.

 

The property is available to win in a raffle from Win My Dream Home (Image: Win My Dream Home)

Why Is It Being Sold So Cheap?

Properties that are sold as part of a raffle offer the chance for one lucky individual to grab a bargain price. The method has become popular recently as a way of drawing attention to the property and creating interest. It is also well-liked among sellers because the process can be more straightforward, with everything taking place online. This reduces a lot of time spent contacting potential buyers, giving house viewing, and other various admin and back and forth. The raffle creates a large sum over time through the sale of entry tickets. So long as it gains enough attention, it is unlikely to cause a loss for the seller.

 

How Does It Work?

Win My Dream Home is one such company allowing buyers to try their luck. They have listed a stunning luxury apartment, located in Kentish Town in North West London. The property is 525 square foot flat, on the ground floor and has two bedrooms, a 17-foot reception, and a private terrace. It has been valued at £500,000, but one lucky entrant of the prize draw will win it for as little as £1.

The apartment is based in Kentish Town, North London (Image: Win My Dream Home)

 

Tickets are sold for £5 from the Win My Dream Home website until 31st December 2020. Potential buyers who purchase a ticket are not guaranteed the apartment but can enter as many times as they wish. Bulk buying is also possible, making the entry price cheaper – 100 entries cost £100, just £1 per ticket.

 

Raffle tickets are sold for as little as £1 (Image: Win My Dream Home)

 

There will also be two runners up in the raffle. The first runner-up will receive ten thousand pounds, and the second will get five thousand pounds. Win My Dream Home will donate ten percent of all the money raised through ticket sales to the Great Ormond Street Hospital.