Hope for millions as the London Property Raffle launches
The Mayor of London, Sadiq Khan, has announced a new initiative to help Londoners onto the housing ladder.
The London Property Raffle will take place monthly, with the exciting prize of a new London home for the lucky winners.
Mayor of London, Sadiq Khan, said: 'Home ownership is slipping increasingly out of reach for more and more Londoners. The city’s shortage of decent and affordable homes is causing real misery to millions of Londoners, and damaging London’s competitiveness. People who grew up in London are unable to rent or buy, parents are forced to raise children in homes that are too small, and rents are taking up more and more of people's income. My new London Property Raffle will help to bring residential hope to millions, and a place to live for the lucky few.'
Tickets for the London Property Raffle will cost £5. All entry fees will contribute directly to the prize fund, with no administrative costs being taken.
Tickets will be available to any adult with a registered London address who does not own property in the capital.
Each winner of the London Property Raffle will be awarded ownership of a new two-bedroom flat. The number of prizes will be directly proportional to the size of the prize fund. Tickets will continue to be drawn each month until the prize fund is exhausted.
The London Property Raffle Draw will take place on the last day of the month at 6.45pm as part of the BBC Local News broadcast. The November draw will be overseen by Sadiq Khan, the Mayor of London. Future draws may be overseen by a Deputy Mayor, an Assembly Member or some other well-known London celebrity.
Sadiq Khan, Mayor of London, said: 'There are more than 3 million households in London, and over half of are rented. If every one of these households buys one of my tickets, this will contribute approximately £10 million to the prize fund each month. This is a massive sum of money, and should be enough to buy almost 25 flats at current market prices. I am delighted that my new London Property Raffle will bring hope to all Londoners, and provide a new home for a small proportion of them.'
Each month a different London borough will be chosen from which suitable properties will be sourced. The Destination Borough will be chosen by the spin of a wheel at the start of each month's draw.
When the Destination Borough is Westminster or Kensington and Chelsea, it is expected that the number of available prizes will be considerably lower than usual. When the Destination Borough is Bexley or Barking and Dagenham, it is expected that the number of available prizes will be considerably higher than usual.
Prize locations are non-transferable.
Mayor of London, Sadiq Khan, said: 'City Hall staff have been drawing up lists of suitable new-build properties in every London borough in readiness for the first draw. They've located a particularly nice block of flats outside Colindale station for when Brent comes up, and are in negotiations for apartments overlooking Walthamstow's former dog track if it's Waltham Forest's turn. Most excitingly, when the London borough of Wandsworth is selected, I look forward to welcoming the winners to my own stomping ground of Tooting.'
Prize winners will be required not to sell their properties within twelve months of the draw date. Prize winners will also be prevented from renting out their properties, as this would invalidate the key aims of the enterprise.
Although all efforts will be made to source eco-friendly sustainable developments, the organisers cannot be held responsible for any subsequent defects or inadequacies to be found in the prize homes offered. Participants entering the draw should also be aware that bills and service charges are not included, so future householders will need to ensure they meet basic levels of financial stability.
Only one ticket may be purchased per household. This is to ensure that wealthy Londoners do not dominate the prize draw, and that less well-off Londoners have an equal chance. For the avoidance of doubt, those living in flatshares who do not share a family connection will be permitted to purchase separate £5 tickets.
Sadiq Khan, Mayor of London, said: 'I want to be the Mayor for all Londoners, and now all Londoners can be a home owner. My new London Property Raffle is a proper gamechanger and will provide the first step onto the housing ladder for hundreds of less fortunate Londoners each year. I can't build new council houses, but I can do the next best thing and buy up homes on behalf of those who most need them. The London Property Raffle is an idea whose time has come, and I shall surely be inventing it soon.'