Property raffles have certainly hit the headlines and they may seem too good to be true. In theory you could own a multi million pound house mortgage free for the small cost of a ticket.
Often they are a vendor’s last resort when they can’t sell and many have come under fire by The Gambling Commission. Very few have also been able to sell the required number of tickets.
If successful there are also catches, Jonathan Bramwell says; “Although savvy vendors will include stamp duty in the ticket price the winner may find themselves with hefty running costs”.
There is a new high end property raffle site Cadivus (meaning Windfall in Latin) which has recently launched a newly refurbished £2 million apartment in South Kensington which is promising to legitimise raffles and raffle off a home that ‘people actually want to buy’. It remains to be seen as to whether it is a success.
To read more please pick up a copy of the January 16th issue of Country Life