So the Scotsman pretty much takes at face value a very exciting competition in which a north London couple are effectively raffling their flat at 48 Grove House, Waverley Grove, N3. The story is that they're so desperate to sell they're offering tickets at £2.50 each, and the person who correctly guesses the value of the flat (as estimated by estate agent David Harris and Company), gets to keep it, plus the cost of conveyancing and stamp duty too. Good deal. But the Rat and Mouse has seen this kind of thing before, and our experience is that the public rarely responds with the enthusiasm necessary to cover the costs. So what happens if the "north London couple" don't raise enough to award the flat (plus conveyancing plus stamp duty)? Nobody would reasonably expect them to hand over the deeds to their flat for a fiver. The answer is here:

If there are too few entries and the market value of the flat, Stamp Duty and transfer costs are not covered, at the end of the competition the winner will receive a cash prize of 50% of the amount raised through the competition.

That's 50% of the amount raised through the competition. Maybe it's not such a stupid idea. What's more, when the "north London couple" have finished with the website, another "couple" might want to use it.

Tits up for property draw [December 22, 2004]
Want to win a house? [October 14, 2004]