Win A London City Apartment Review
A one bedrooom city apartment in 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 £20 each.
Launched: 1st July 2021 Closes: 5th January 2022
Location: Poplar, London, E14 0DZ
House Value: £250000 (1 Bedrooms)
Ticket Price: £20.00
Minimum Ticket Target: 19200
Tickets Sold: Unknown
Cash Alternative: 80% of ticket sales
FrogHopping are continuing to add to their roster of property competitions. This is despite them actually completing any raffle to day or creating a house winner. The sixth addition to the platform is for a one bedroom apartment in London. It's located just 5 minutes' walk from Canary Wharf so the perfect location for rental or for those who work in The Capital. No valuation of the property is provided but similar properties in the area are worth around £250,000. One thing that FrogHopping do better than most platforms is give the address of the property so entrants can search for more information online.
About The Property
The property is a one bedroom first floor apartment with kitchen, lounge, dining room and storage. In addition there's a balcony, communal garden, off road parking (£2 per week) and a rentable bike shed (just £20 a year). No details are given with respect service charges but in terms of rental you could apparently expect £1300 to £1500 a month. The listing on the site offers more images and a video tour of the prize on offer. 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. Interestingly you can select all the tickboxes which is something that needs to be addressed. Furthermore you aren't told whether the answer you have selected is right or wrong. 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). We have been concerned by the latter as a payment option for raffles/gambling but there seems to be some latitude now being allowed by Paypal for selected companies.
Over 17,500 Tickets
The owner of the property has set a minimum ticket revenue of £350,000 plus a ticket price of £20. This means that they need to sell at least 17500 tickets (if our maths is correct) for the property to be sold. All competitions on the site used to initially run three months but this one has been given six months from the get-go. 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".
Location is the stand-out feature of this property and it seems ideal for a rental portfolio. However at £20 a ticket we'd want to see a better looking apartment especially when you compare it to other competitions such as Raffle House's recent third promotion. The key to this city apartment's destiny is in the gift of FrogHopping. Whilst is good to see them adding properties, the lack of ticket sale information; indicators that things are going well with any of it's listings; and any real advertising of the platform have to be acknowledged. Only time will tell whether this creates a new home winner.
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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