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Bonkers2016

Yet another Raffle

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It would be good to see a test case over whether these "win a house" prize draws are really illegal lotteries. This one seems to fail on two counts:

  1. The "skill" element is googling "what is the last remaining pier in North Yorkshire".
  2. Free entrants have to give up their personal details for re-marketing, with no opt-out.

 

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Seems like the last one (http://www.winacountryhouse.com/) did okay --- sold 500,000 tickets at £2 (apparently) to cover a place that was previously for sale for £650k.

As much as I think it is all a nonsense (and I doubt the legality, and this is no way to allocate housing, etc, etc), it appears to have been successful for the owner.

[he was prepared to sell it for £650k, but got about £1m.  Even with costs, etc, he's £300k up, just on this stupid approach to selling.  And all because the housing market is completely buggered. ]

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5 hours ago, dgul said:

Seems like the last one (http://www.winacountryhouse.com/) did okay --- sold 500,000 tickets at £2 (apparently) to cover a place that was previously for sale for £650k.

As much as I think it is all a nonsense (and I doubt the legality, and this is no way to allocate housing, etc, etc), it appears to have been successful for the owner.

[he was prepared to sell it for £650k, but got about £1m.  Even with costs, etc, he's £300k up, just on this stupid approach to selling.  And all because the housing market is completely buggered. ]

Assuming that he did sell 500k tickets. It all seemed a bit fishy.

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On 14/10/2017 at 8:40 PM, Sawitcoming said:

Assuming that he did sell 500k tickets. It all seemed a bit fishy.

So sad that that are 500k people at latest who only chance of a home is a £2 lottery ticket scammer.

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These lotteries are somewhat amusing, and maybe tend to happen near market peaks, so they are an indicator to keep an eye on ... but I don't see any point in getting worried about the greed and over-valuations.

(1) They're voluntary: it's easy not to buy a ticket.

(2) More importantly, and unlike phenomena such as BTL, they can never have an effect on the wider market: In order for houses sold by lottery to shift market prices, they would have to be a significant fraction of sales, and therefore everyone in the market would have to be spending thousands of pounds on lottery tickets. Reductio ad absurdam.

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45 minutes ago, Toast said:

(2) More importantly, and unlike phenomena such as BTL, they can never have an effect on the wider market: In order for houses sold by lottery to shift market prices, they would have to be a significant fraction of sales, and therefore everyone in the market would have to be spending thousands of pounds on lottery tickets. Reductio ad absurdam.

To sell that many tickets to people who can actually live there / have jobs nearby might be tricky! A large portion of potential winners would be better off selling and would still be making a profit at a 90% discount. Although they might try to sell it for 20% higher, MEW it and think they are a property mogul.

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I can't believe people thinks this signs the top, potential for the following scheme...

Buy to Raffle (interest only developer loans)

Help to Raffle (government back scheme where you get 3 for 2 tickets)

 

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I have said it before, I was employed by some idiot who did this in the early nineties before the internet. Selling 3 million physical tickets without the web was a big deal. The boxes of tickets piled high in a room was a wake up call for him. It failed and he was arrested. However for a while it was a great way for him to pull in a few quid from people.

One key factor in his arrest IIRC (I wasn't that close to the details of the arrest) was that he was not allowed to offer a prize that he did not own. The place was mortgaged and therefore owned by the bank technically. I think this was part of the story when I was questioned about it by the police.

I worry that the scale and reach of the web may allow these idiots to succeed more.

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On 10/12/2017 at 11:58 PM, Bonkers2016 said:

Ahh, Saltburn. The brief relief from the absoulute lunatic hell hole that is that part of whats now known as Cleveland.

This farm is also very near Carlin Howe, Skinninggrove and Skelton.

You would not want to live near any of those.

 

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11 hours ago, juvenal said:

There seem to be house raffles cropping up almost every day. 

There seems to be grossly over priced houses listed everyday.

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28K tickets at £50 a ticket. It’s open to March so a rough calc is he needs to sell 4.7K tickets a month? Well he has got exposure in the Mirror so there’s another potential 10 people :) . 

If you’ve a grand to spare - and fancy buying 20 tickets - you can get one free.”

Eh? Even the journalist has a pop! 21 tickets out of 28k odds for £1K. 

The winner will be decided by a random number generator” ....

I’ve moved to Majorca with my wife, Antoinette. I always said ‘if it doesn’t sell, I’m going to raffle it’.”

 

 

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12 minutes ago, oatbake said:

Homeowners struggling to sell their property....

If only there was a means of adjusting the pruce downwards. But Einstiens 3rd theory of relativity states that houseprices only go up.

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15 minutes ago, oatbake said:

A long, contrived repinse.

Ffs just say they are illegsl and repo any property trying to be dhifted that way. The gambling commision needs to crack down in these idiot shysters.

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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