Homeowners who raffle their properties instead of selling through an estate agent are failing to make enough cash from ticket sales to cover the value.
Raffles have become popular among desperate sellers who can’t get the price they want through a traditional sale.
But many homeowners have struggled to run a profitable draw within gambling rules.
Money Mail reported in January that Helen and Gary Weller, both 61, were running a £25-a-ticket spot-the-ball competition to win their £3.5 million five-bedroom home in Berkshire
The couple designed and built the property on the bank of the River Thames but want to move away from the gorgeous house in Caversham, Berkshire
Reve House has stunning gardens overlooking the River Thames
The kitchen and breakfast room is located on the lower ground floor with integral Gaggenau and Samsung appliances – with mood lighting fitted around the units and central island
It is arranged over three floors and has underfloor heating as well as handmade hardwood double glazed windows and doors
These state you can’t sell tickets for a lottery or raffle based purely on chance unless it’s for a good cause and in most cases this requires a special licence.
To keep within the law, homeowners must also offer a free entry route or include a test of skill or knowledge that prevents a significant number of people from entering.
Failing to do so could mean a fine or even prison.
The elegant family home offers beautiful views across the River Thames and benefits from an ‘extremely high specification’
They were struggling to find a buyer for Reve House despite months of searching because of the stagnating property market
It costs approximately £500 per months in gas, water, council tax and house insurance to run the property – something which Mrs Weller says is ‘affordable’ for most people
All of the five bedrooms are en-suite including bath, separate shower and double basins
Money Mail reported in January that Helen and Gary Weller, both 61, were running a £25-a-ticket spot-the-ball competition to win their £3.5 million five-bedroom home in Berkshire.
But the couple failed to sell enough tickets and are now giving away a cash prize.
Howard Rose who ran a competition to win a two-bedroom home in Shildon, County Durham, gave away a £7,000 cash prize in December, instead of the £43,000 property, after failing to sell his target of 10,000 £5 tickets.
To enter the competition, would-be homeowners just needed to pay a £25 entrance fee and guess where the centre of a ball should be
The competition lasted for six months but there are only 500,000 tickets on offer
The property’s staircases are also beautifully lit – leading up to two floors which house five bedrooms