Think twice before raffling your home

The past year has seen a rise in the popularity of “house raffles”. But if you’re thinking of raffling yours, there are a few things you need to know first.

The past year has seen a rise in the popularity (or at least the media coverage) of "house raffles". In these, homeowners offer their house as a prize, and either ask people to buy a ticket in a draw, or pay to enter a competition. Most draws stipulate that there has to be a minimum number of entries before the draw can take place. This ensures the vendor gets the desired price for their house and also that they cover their costs.

In one, a house hunter won an 18th-century mansion in Lancashire after buying 20 raffle tickets for £40. Financial difficulties had prompted the vendor to try to sell the property, but after putting it on the market for £800,000 he didn't receive any offers. The seller decided to raffle the property instead, and aimed to sell 500,000 raffle tickets for £2 each. Each entrant also had to identify the architectural period during which the house was built. Once the seller reached his £1m target, he picked a winner from among the correct entries.

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Emma Lunn

Emma Lunn is a multi-award-winning journalist who specialises in personal finance and consumer issues. With more than 18 years’ experience in personal finance, Emma has covered topics including mortgages, first-time buyers, leasehold, banking, debt, budgeting, broadband, energy, pensions and investments. Emma’s one of the most prolific freelance personal finance journalists with a back catalogue of work in newspapers such as The Guardian, The Independent, The Daily Telegraph, the Mail on Sunday and the Mirror. As a freelancer she has also completed various in-house contracts at The Guardian, The Independent, Mortgage Solutions, Orange and Moneywise. 

She also writes regularly for specialist magazines and websites such as Property Hub, Mortgage Strategy and YourMoney.com. She’s particularly proud of her work writing about the leasehold sector and a Guardian front-page story about a dodgy landlord. She has a real passion for helping people learn about money – especially when many people are struggling to get by in today’s challenging economic climate – and prides herself on simplifying complex subjects.