A property raffle has just handed out another £500,000 to a lucky winner to buy their dream house, although the competition also offers help toward a deposit and a year's free rent.

Tramway Path – set up by three brothers Dan, Jay, and Will Twenefour from South London – has now run 11 competitions since 2020 and their initiative has been made into a Channel 4 documentary, ‘My £2 Dream Home’.

They aim to challenge high-interest rates, inflated prices, and rigid mortgage criteria by helping tenants in private or council homes get onto the property ladder.

The brothers run regular £5 online raffles with a grand prize of £500,000 to buy a property, or even two, as long as the total value doesn’t exceed the prize money.

Winners have 60 days to find the property they would like to buy. Tramway Path will also be giving away £15,000 towards a deposit as a prize later this month and one-year free rent (up to a value of £20,000) as a prize in September.

Stamp duty

They aim to sell about 180,000 ticket bundles to include transfer costs such as stamp duty and legal fees. If they don’t hit the target, the winner is offered 70% of the total bundles sold to buy their property.

West Londoner Jade Pilgrim (pictured) has won the latest jackpot, reports My London. Her private landlord had decided to reclaim their rental property, forcing Pilgrim and her family into emergency council accommodation when she entered the online draw.

The 30-year-old says her life has changed forever as she is now moving into a two-bedroom house in Raynes Park, with potential to expand.

Pilgrim adds: “I’ve never entered something like this before, but I thought I’d give it a go. I’ve been renting for a very long time and wasn’t sure when I’d be able to get on the property ladder, I thought it would be many more years at least.”