Here’s how to buy a house or a flat for the princely sum of £1

Posted by
Megan Murray

What would you say if we offered you a three-bedroom apartment, complete with dreamy wooden floors and a cute little terrace in East London’s hipster neighbourhood Dalston? Worth £700,000. For a quid?

Well, if you’re a rent-rinsed Londoner, you may respond with something unrepeatable. But a new website is aiming to offer just such a bargain, by raffling off impressive properties with tickets as cheap as £1.

Winabode, as the name suggests, gives anyone that can use the internet a chance to win an abode by simply entering online.

While properties have been raffled before, the website is intended as a long-term project, offering several properties (though the Dalston flat is the first up).

The idea began when school friends Richard Blaiberg and Sam Park (not forgetting office dog Wally) recognised the frustrations felt by sellers going through precarious property chains, as well as the housing woes of millennials.


The first property to be raffled on Winabode

The website’s FAQs state that it is not a lottery, but a property competition platform described as offering “ a skill-based competition as described by the Gambling Commission and falls under prize competitions and free draws.”

Tickets range between £1 to £10 and can be purchased for whichever is your property of choice. Upon entering the raffle you’ll be asked how many tickets you’d like, and be given a “skill-based question” to answer correctly before payment.

You might be wondering if there’s potential for sellers to get monumentally screwed over if not enough people buy tickets.

But each property is allocated a certain amount of tickets that must be sold in order for the seller to get a fair price for their home. If this amount isn’t met, the seller can choose to extend the competition or end it, at which point the winning number will get a cash prize taken from all the tickets that were bought.

The odds of winning won’t be skewed by someone being able to afford way more tickets than you either; each property’s tickets are capped to 150 per customer. Additionally, there’s a limit on how many can be sold overall, so that your odds can’t diminish into obscurity.

The Dalston apartment mentioned earlier has 380,000 tickets available, which although a lot, is nothing compared to the 45 million that play the National Lottery every week.

So there we have it, your dreams of becoming a houseowner may be closer than you originally thought.

Images: Bernadette Gatsby / Winabode