Win £300,000 Wimbledon flat in £10 prize raffle (From Wimbledon Guardian)

Win £300,000 Wimbledon flat in £10 prize raffle

5:00pm Monday 22nd October 2012 in News By Lauren May, Chief Reporter

A finance and economics graduate desperate to beat the flagging property market is giving one person the chance to walk away with his £300,000 apartment for just £10.

Tom Salem, 43, is offering one lucky punter the chance to win his two bedroom apartment in Colliers Wood as first prize in a raffle draw.

Mr Salem bought the flat for £273,000 in 2007 stumping up a deposit and legal costs of £60,000.

But shortly after purchasing the property the market crashed and five years later his home is worth barely more than when it was first bought.

He said: "I didn’t know the market would crash and I thought I was one of the lucky ones to have gotten on the property ladder - but it just didn’t happen.

"The market is stagnant and it’s going to be for some years yet."

"I could put it on the market for about £300,000 but after negotiations I would end up selling it for the same price I bought it for, so I would lose everything I put into the flat."

After hearing about a similar competition in Devon where a £1m house was sold to a lucky raffle winner for just £35, Mr Salem was inspired to set up his own competition.

Mr Salem needs to sell 39,000 tickets before April next year to provide enough cash for his family to move, but even if he doesn’t reach his target Mr Salem said it is a "win win" situation.

He said: "The person who wins is going to get everything, the flat and no stamp duty and I will have enough money to move out of the flat and somewhere bigger because I have three kids and a wife and it’s got very small for us.

"If I don’t get the minimum requirement they will win everything, all the money minus the cost of the website and advertising."

Predicting people may ask questions over his seemingly no strings attached offer, Mr Salem has gone to great lengths to ensure legal protection.

He said: "I have spoken to many solicitors and to the gambling commission and tried to do as much as I could legally.

"There will be two solicitors and two witnesses in case anybody objects."

For more information, terms and conditions and to buy a ticket visit winmylondonflat.com

UPDATE - 29/10/12 - Mr Salem has informed us that he has had to suspend his competition and website while dealing with further enquiries from the Gambling Commission.