Incredible five-bedroom mansion worth £1.5m with swimming pool and spectacular views could be yours for just FIVE POUNDS

In an ideal world, the pros are perhaps obvious.

You open up bidding and perhaps bring in more than the property is worth and the lucky winner is certainly quids in, if tickets cost, say £5.

It’s a win-win situation.

In 2017, Dunstan Low raised almost £1million raffling his six-bedroom Lancashire manor house worth £845,000.

Low walked away with the asking price and gave the remaining £153,000 to charity after covering his legal costs.

But issues can arise through tough gaming laws, confusing small print and scams.

Experts warn those entering competitions to be cautious, as a high proportion of the prized pads never change hands. 

In January 2019, a Dorset woman who “won” a £3million mega-house received only £110,000 after the millionaire couple behind the raffle decided to keep their home and pocket £500,000.

In 2021, National Trading Standards received 15 complaints ranging from homes being re-raffled over and over with no winner to draws being extended and winning prizes being changed.

A draw which sparked an investigation by National Trading Standards had raffled the same home four times over. Each time, the host offered a smaller prize instead of the house keeping around 40% of the money from every draw.  

“Consumers entering house raffles must go into it with their eyes open,” said Alison Farrar for the National Trading Standards Estate and Letting Agency Team.

“Make sure you are aware of the terms of the raffle before entering.”

The advert should explain what happens if not all tickets are sold. It should spell out if a lesser cash prize is offered, when the raffle closes and when the draw will take place. 

If the date of the draw keeps changing the organiser is struggling to sell tickets.

Check the odds of winning. Competitions that specify the number of tickets they need to sell give you a chance of working out the odds.

Look for hidden bills. Lots of adverts state that stamp duty and legal fees will be paid for. If they don’t you need to foot the bill.

Check you can afford the maintenance and council tax for the house too.  

Before handing over your cash, read past reviews of the organiser’s raffles, look at how long they’ve been established and whether there have been previous winners. 

If it’s a homeowner hosting their first raffle, then it’s a case of buyer beware.

“If the house raffle isn’t for charity and it isn’t free entry or a proper competition then be wary,” said consumer expert Martyn James of Resolver.

“There are numerous reports of these raffles collapsing and dodgy, questionable practices around who wins. Always check with the Gambling Commission before entering.”

To report a misleading advert call the Advertising Standards Agency on 020 7492 2222.

If you’ve paid for a ticket with no chance of winning or the prize keeps changing report the draw to Trading Standards via the Citizens Advice Consumer Service on 0808 223 1133.