Win A Pateley Bridge Apartment Review Home Winner
Winner: Vanessa Fletcher-Lonsdale
Launched: 19th April 2021 End Date: 25th December 2022
Location: Pateley Bridge HG3
House Value: £130,000 (1 Bedrooms)
Ticket Price: £10.00 (Free Entry Available)
Tickets Sold: Unknown
Crowdfunding has become a popular way for individuals and companies to raise money for good ideas. However we don't think it's ever been used as a platform for property competitions. Stump Cross Caverns need to urgently repair & maintain the lighting system of their stunning caves and have decided to try and raise funds with a competition. The property on offer is located in Pateley Bridge, a village in The Yorkshire Dales National Park and near to Harrogate. According to the competition page the property on offer is worth £130,000.
About The Property
The property you can win is a one bedroom apartment. It includes an en-suite bathroom and a very good sized living/dining room. Other details are quite limited although we do know that it has a stunning ornate ceiling plus a seating area to the rear. We don't think that the property comes furnished. There are images on the website plus you can check out the property in the video below. There’s no mortgage, no stamp duty or conveyancing to pay. The competition page indicates that the winner could rent out the property but gives no mention of potential income.
How To Enter
Entry to the competition is simply by joining the crowd-funding group and purchasing tickets by making a donation. There are four rewards currently listed and these range from £10 to £100. You simply select the reward that you wish to buy, login and then complete the purchase. Login can be done with email or via Facebook. Supporters can donate to this campaign without entering the prize draw. However entrants can enter the prize draw without making a donation. A postal entry route is described on the competition page. A postcard needs to be sent to the address listed.
20000 Tickets
The competition does get a little confusing when it comes to ticket sales. The target is 20,000 tickets however there are 5000 x £10, 2500 x £20, 1000 x £50 and 500 x £100 rewards. Each reward provides 1, 2, 5 or 10 entries respectively. Once the selected rewards have been sold then they won't be available. This means that if 5000 x £10 tickets are sold then anyone wanting to enter will have to payout £20, £50 or £100. To date but 31 of the highest priced rewards have been sold but the success of the competition may well hinge on getting sufficient high value entrants involved in the process.Closing Date
According to the terms on Crowdfunder the competition will close "when the last ticket out of the 20,000 is sold". However the site also states that "This project will only be funded if at least £200,000 is pledged by 19th July 2021 at 1:30pm". We can't see any information that suggests the closing date can be changed or rewards adjusted so we're going to assume that the 19th July will be the end date for this process. If the project hasn't reached £200,000 pledged then the competition is voided and all monies will be refunded. In terms of property raffles this is unusual as there's usually an alternative cash prize offered.
Our Verdict
Using Crowdfunder to raffle a property is an interesting idea and we're surprised it's not been tried before. We do think however that Stump Cross Caverns have made an error in their rewards set-up and this may contribute to the success - or lack of - of the project. If all the £10 and £20 tickets sellout then we think that it's going to be tough to shift the £50 and £100 rewards. In our view they'd have been better off offering all rewards at £10 and encouraging multiple purchases The lack of prize if not enough tickets aren't sold probably won't put off entries especially as monies are refunded.
December 2021 Update
Despite there being no indication that the competition could be extended, it has been extended until September, October and now January 2022. We suspect that this one will continue to extend indefinitely until all tickets are sold... and to underline that as of December 2021 the closing date has changed (again). This time until December 2022!!
Win A Pateley Bridge Apartment Discussion
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