In an era where property prices have outpaced wages and the traditional path to homeownership can be unattainable for many. However, online property competitions have emerged as a creative solution to this persistent issue.
These competitions, often run through websites or social media platforms, such as Instagram, offer participants the chance to win a home for a small entry fee, usually ranging from a few pounds to a few hundred.
While the idea may sound like a modern-day lottery, it has quickly grown in popularity and is giving hope to many first-time buyers struggling to break into the housing market.
Homeownership, once seen as a milestone of adulthood, is becoming a distant dream for many, especially in the younger generations. In the UK and other parts of the world, rising property prices, stagnant wages, and the need for large deposits have created significant barriers. As a result, online competitions, such as those run by Raffle House, have gained popularity.
These competitions typically work by allowing people to buy tickets for the chance to win a property or the cash equivalent that they can put towards their dream home.
Some are purely luck-based, while others add a skill element, such as answering a trivia question.
For many participants, the relatively low entry cost of these competitions is the main draw. Instead of needing tens of thousands of pounds for a deposit, a £10–£25 ticket could potentially win them a fully owned home. This drastically lowers the barrier to entry for people who are priced out of the traditional market.
There have been numerous success stories. Young couples, single parents, and even retirees have found themselves owning properties they would never have been able to afford otherwise. Some competitions even cover legal fees, stamp duty, and furnishing, making the transition into ownership even smoother.
Another interesting side effect of online property competitions is the sense of community they often create. Entrants follow the journey of the competition closely, engage with the host or property owner, and share the experience online.
Many competitions are run by people looking to sell their home in an unconventional way, often due to slow traditional sales or a desire to help others get on the ladder.
This allows property competitions to also act as a marketing tool, both for sellers and brands. Real estate developers, influencers, and even charities are beginning to use competitions to increase engagement and visibility while supporting a good cause or social goal.
In some cases, those entering property competitions aren’t looking for a primary residence, instead looking for a future retirement plan as either a landlord or using platforms such as Airbnb to enter the short term rental market.
While online property competitions aren’t a solution to the housing crisis, they do offer an innovative way to create access and generate excitement around homeownership. In a market that increasingly favours investors and high earners, these competitions provide a small but meaningful route for everyday people to own a home.
Have you entered a property competition? Share your experiences in the comments below!
