The London flat a raffle firm is STILL struggling to give away: East End property will now come with a £30k Land Rover - but ticket sales are still way off target

• A property raffle has added a £30k car to its original prize pot of a £500k flat 
• The competition has been running 10 months but still hasn't sold enough tickets 
• It has promised to give the property away no matter how many tickets it sells 

A property raffle has added a £30,000 car to its original prize pot of a £500,000 London flat in a bid to tempt more customers to purchase tickets.

Raffle House has been selling tickets at £10 per entry for the two bedroom flat in Whitechapel since July last year, promising to hand over the property even if it didn't mean its target of 60,000 tickets sold.

However, it has now added a £30,000 new Land Rover Discovery to the prize, just two months before the competition closes on July 31.

The 'professional house raffle firm' has come under fire previously for failing to give away the promised property and instead offering a reduced cash prize instead.

This time round, it has promised to give away the property no matter how many tickets are purchased – selling 40,000 so far – 20,000 shy of its target amount.

As well as offering the East London property, the winner of the competition is also now able to claim the £30,000 market value of the Land Rover Discover in cash, instead of the car itself, it they so desire.

In addition to awarding the property, Raffle House said it will also cover stamp duty costs, legal fees, £3,000 to cover the first year's utilities, council tax and other such necessities.

Tickets cost £10 each with discounts available for multiple ticket purchases, for example, those who buy three tickets, get four free whilst those who purchase 10, will get 15 free.

Everyone who buys a ticket is also automatically entered into a weekly prize draw where £1,000 is given away.

Another £10,000 worth of tickets have also been given away to NHS workers for free, during the coronavirus pandemic.

Benno Spencer, chief executive of Raffle House, said: 'These are uncertain and worrying times and we hope that our competition will bring fun, excitement and a little optimism to those that enter.

'Of course, for one lucky player it could prove to be absolutely life-changing – the property must be won regardless of whether we meet the ticket threshold or not, so someone is going to be leaving lockdown with a whole new life ahead of them.'

The East London home has been valued at £500,000 by Kings Group, an estate and letting agents operating in London, which also advised the property would get a monthly rental income of £2,100.

It added that it may bring the draw date forward if the target is met before the closing date.

However, as it still has 20,000 tickets to sell in under two months, this is unlikely to happen. 

Raffle House previously told This is Money that the business would cover the shortfall should it not sell enough tickets and that, as it is setting up a long-term interest in the property raffle industry, it is capable of operating sub-profit due to its investment. 

It also confirmed that it will not be extending the date past July 31 and no matter how many tickets are sold by then, the property will be given away.

The company's previous offering of a Brixton flat ended with the winner taking home a £173,000 cheque instead - after the competition had been extended multiple times thanks to the firm not being able to sell enough tickets. 

EDITOR'S DEALS OF THE WEEK
Current account

Current account
3% cashback on household bills
Earn up to 15% with retailer offers
Savings deal

Savings deal
1.05% easy access best buy
£100 minimum deposit
Cash Isa deal

Cash Isa deal
2-year fixed-rate cash Isa
1.40% expected rate of return
Credit card

Credit card
18 months 0% balance transfers
20.9% APR interest platinum card
Will writing

Wills
Free will writing for NHS workers
£90 fee waived with code NHSFREE