Win A House In Cumbria - Cash Winner

Speed Competitions, a pay to enter prize draw company based in Cumbria, are offering the chance to win a fully renovated 3 bedroom property worth £360K in their first win a house promotion. Unlike competitors such as McKinney and Bounty, Speed Competitions have opted for cheaper tickets. You can enter this particular draw for just £2 a ticket.

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Win a house competitions have become popular with pay to enter "raffle" style sites such as Bounty, Bear and McKinney. Hoping to replicate their success is a Cumbrian based company, Speed Competitions. Owned by Speed Competitions Limited and incorporated in October 2022 they've created several winners already. However this £360,000 property in Cumbria is by far their biggest promotion to date. On offer is a three bedroom detached house located in The Green, "a small village which lies to the northern side of the nearby town of Millom" in Cumbria. A big thank you to Nick who not only tipped us off about the prize draw but also kindly provided some information about the property. Interestingly it still seems to be listed for sale (Primelocation) and accepting offers in the region of £360,000. It's not known how long it's been up for sale although it's generally a "no no" for win a house prize draws for the property on offer to also be purchasable during the promotion.

The Property

The property being offered is a renovated three bedroom bungalow that offers spectacular views of the Lake District. There's a brand new kitchen that include induction hob, radiator and built in appliances, large living room and large dining room, two double bedrooms, one single bedroom, utlity and garage. Note that the photos of the rooms are furnished to show how they'd look, but from what we understand the property - if won - comes unfurnished. The prize however does include Mortgage Free, Solicitor Fee’s paid, Stamp Duty Paid plus £10,000 cash to help the winner get settled in to their new home. Whilst Speed do provide a lot of detail about the property (mostly the same as what's on Primelocation) there's nothing about potential rental opportunities. As far as we're aware there's also no cash alternative on offer.

How To Enter The Competition

To enter the competition for the chance to win this bungalow in Cumbria or cash alternative you simply need to purchase your ticketss There aren't any questions to answerTickets can be purchased as singles or in multiples, although there aren't any discounts for buying in bulk. However there might be discount codes and/or chances to win tickets on Speed Competitions' social media pages so do check. There is a free entry route offered for entrants who wish to take that option. Entry is via postcard and details about how to complete your entry are given on the website. There's no limit to the number of free entries that you make but each one must be made separately. Note that "if the number of entries received reaches any cap or limit before your free entry is received, you will not be entered into the random draw".

205000 Tickets

Speed Competitions aim to sell a maximum of 205000 tickets at £2 (total revenue of £410,000) by the start of October 2023. The ticket price is reasonable and the target fair given the value of the property. Speed have given themselves plenty of time to generate sales so it'll be interesting to see how quickly things go (or don't go). At time of writing just under 10,000 tickets had been sold so there's a long way to go but these sales were pretty much within the first 12 hours of promotion. As far as we know there are no charity donations planned for this particular prize draw. If insufficient tickets are sold then 85% of the value of the ticket sales sold will be paid out. Note that there is a minimum amount of £50,000 guaranteed which is very generous.

Our Verdict

It's good to see a new platform taking a look at win a house prize draws and it'll be interesting to see how Speed Competitions fair with this property. The ticket price is attractive and the property itself could be ideal as a holiday home, rental or even an opportunity to move to The Lake District. With the housing market starting to wobble it could tempt a few people to have a go, especially for a couple of quid. The only downside is that we can see the property is for sale with estate agents so what happens if someone chooses to buy during the promotional period? That aside, we also like that Speed Competitions have been fair with their ticket targeting mark-up. Early sales look good but they're going to have to work hard to encourage sufficient numbers. That said the cash alternative, should insufficient tickets be sold, is very generous as is the £50K guarantee. Our hope is that this works well for Speed as it may well encourage similar platforms to add properties to their portfolio of prizes.

Early Closure

Due to the stress of running the prize draw, Speed Competitions chose to end things early and awarded a cash prize of over £130,000. They also made a donation to Alder Hay. Enter Competition Here

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Disclaimer: Details shown above were correct at time of writing and are provided for information purposes only. Images are used under fair use policy. Map location is approximated by Google based on postcode/location info. Any links provided are not an endorsement from Loquax. In some cases Loquax may earn a referral fee from sales this does not effect our review. We strongly advise all visitors do due diligence on each contest before deciding to enter. Terms and conditions apply. Begambleaware.org.

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