Win A London Barbican Apartment - Closed
A one bedrooom city apartment in The Barbican area of London is the prize that is on offer in this latest FrogHopping house competition. It could make the ideal city crash pad, home for individuals or couples, or as a rental investment. Tickets cost £1 each.
Launched: 10th January 2022 Closed: 10th December 2022
Platform: FrogHopping
Location: Barbican, London, EC2Y 8BN
House Value: £520000 (1 Bedrooms)
Ticket Price: £1.00 (Free Entry Available)
Tickets Sold: Unknown
Revenue:
Cash Alternative: 80% of ticket sales
Despite a poor performance in 2021 FrogHopping have relaunched two of their house prize draws and now have added a brand new one. Their third prize draw for 2022 features an apartment in The Barbican area of London. It's described as being "perfect for city workers" as well as a "convenient base from which to explore the city". The exact location within The Barbican area isn't provided and no valuation is given either. The minimum selling price for the property is given as £520,000 so we've taken that as the valuation. However we suspect that this will be higher than the actual price, even though the one bedroom properties we see listed on Zoopla range from £400,000 to well over £1million.
About The Property
The property is a one bedroom second floor apartment with newly fitted kitchen and bathroom. The bedroom is described as "a good size, with fitted storage space". A few images of the inside of the apartment are provided by FrogHopping and there's also a promotional video which is mainly a presenter enjoying a walk around London. There aren't any pictures of the outside! Thankfully FrogHopping have provided some useful information. For example we know the property is leasehold (105 years) and there's a service charge of £650 per year and a ground rent of £250 per year. Although the apartment could make a good rental property there are sadly no details about potential revenues. FrogHopping contribute a minimum of £1500 towards the winner's solicitor's fees. The remaining costs need to be met by the seller. Note the winner would need to appoint their own solicitor.
How To Enter The Competition
To enter the competition you need to complete your details and answer a multiple choice question. The question is about The Barbican Centre and when it opened. Note that you aren't told whether the answer you have selected is right or wrong so make sure you double check your answers with Google! You're then redirected to a payment page where you can either pay by cards (on desktop) or with Paypal (via mobile). When purchasing you can choose to gift the ticket and send "an additional, complimentary ticket to be sent to a friend of your choice". A free entry route via post is available as an option. Only one ticket may be issued per postal entry.
Over 520,00 Tickets
The owner of the property has set a minimum ticket revenue of £520,000 plus a ticket price of £1. This means that they need to sell at least 520,000 tickets. However there's also FrogHopping fees to be considered so we suspect that the actual target will be a lot higher for the property to be sold. All competitions on the site used to initially run three months but this has now been moved to six months. If insufficient tickets are sold then a cash prize alternative is paid out. This we think is around 80% of the total revenue? Interestingly a new term has been recently added - "all approved property listings receive 1% of competition revenue if the property doesn't reach its selling price".
Our Verdict
Well we're surprised to see a new listing on FrogHopping given their track record to date. It looks like the £1 ticket price is here to stay - for the time being at least - perhaps until the platfrom gets some much needed traction. The big question is can it get that traction? In our view the only positive is that the number of win a house raffles are quite small at this time. Therefore entrants have limited choices where to spend their money. However getting several hundred thousand entrants to purchase tickets is a tall order, especially when in previous competitions the number of tickets sold hasn't been much more than 5000.
Competition extended by four months until 14th December. Enter Competition Here
Win A London Barbican Apartment Discussion
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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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