London Daily

Focus on the big picture.
Thursday, Apr 23, 2026

The strange case of the London housing competition

The strange case of the London housing competition

Gambling meets the property market.

For a while, we’ve been searching for some particular image or spectacle that adequately captures the sheer horror of the London housing market.

This week, we found it.

A developer, Misuma Limited, is selling a £2.1m house in Kentish Town through a housing competition. To enter, you pay £10, plus a £1 booking fee. You then receive a ticket, which, if you win, entitles you to the house.

The competition, which doubles as a legitimate candidate for the Turner Prize, will run until the end of the year. More details on winmydreamhome.com.

Housing competitions - an alternative and controversial way of selling a property, wherein the business model of the casino is disguised as a charitable endeavour - have kept cropping up over the past few years.

Here’s The Sun last year with a classic of the genre, which cost £25 to enter - equal to the price of about nine happy meals at McDonald's, as of March 2018, the paper tells us.

They typically involve a question, which is a legal requirement, because otherwise a competition that charges for entry and selects a winner at random is a lottery, which requires a licence. This is the Kentish Town competition’s question:

What’s slightly different about winmydreamhome.com is that it’s run by a developer, rather than a random individual who can’t sell their house. Marc Gershon, a director of the company, told us the plan is to “clean up” the housing competition space.

“I think this is the first one that’s being run properly and cleanly and openly and transparently, and not geared to literally stitch people up,” he says.

So what are the odds? The fine print is quite important. If less than 250,000 tickets are sold, then the house is not given away at all; instead, the competition gives away 60 per cent of the prize pool. If more than 250,000 are sold, the house is given away, and stamp duty of £165,6000 is paid. In each case, the business pays 10 per cent of the proceeds to charity.

According to our calculations, the competition makes breaks even while also giving away the house at 252,000 ticket sales. If fewer than 250,000 tickets are sold, the value of the £10 ticket purchase immediately plunges to £6. If, say, 400,000 tickets are sold, £4m of revenue comes in and the developer nets a large profit.

Pretty standard practice for a gambling business. But for those betting, there is a strange dynamic at play, where rational buyers are incentivised to wait until 250,000 tickets have been sold (or are likely to have been sold) before they buy.

Misuma has three other flats in development. If the first competition goes well, they’ll look to also exit those developments through a competition. But what we initially thought was simply a quirky publicity exercise turns out to subtly reflect the rising pressures on small-scale London developers post-Brexit.

“We did see a dip in London prices over the past year and a half, two years,” Marc told us, who kept to his word on the transparency point. “We’re quite open about the fact if we sold the property now, we’d make a small profit . . . as a business that doesn’t make sense to us,” he added. “This is an experiment for us to see if we can get this competition basis working well, if we can maximise our value”.

He says Misuma bought the house for £1.57m in late 2016, and spent £460,000 on renovations. The £2.1m valuation comes from remortgaging with the bank, post-redevelopment.

The developer is taking on considerable PR and advertising costs, so this is quite a risky business move. This risk implies that conventional methods of selling the property look unattractive at the moment.

So, it all ultimately depends on how many people sign up. That’s where the vision comes in – a desperate population of tenants, clutching at the redemptive power of gambling to obtain what Mr Gershon himself describes as an “average house”.

Even if the project fails, you have to admire its extraordinarily subtle capacity to bring together two concepts – gambling, and London housing – that no one would surely ever have associated with each other.

“House buying is not easy now,” Marc says. “If this becomes a method of people being able to come into home ownership . . . for a potentially low cost, a huge amount of the British population like to have a punt at something, whether it’s the horses, the lottery,” he adds.

“This is not an addictive form of gambling”.

Newsletter

Related Articles

0:00
0:00
Close
CATL Unveils Revolutionary EV Battery Tech: 1000 km Range and 7-Minute Charging Ahead of Beijing Auto Show
Crypto Scammers Capitalize on Maritime Chaos Near the Strait of Hormuz: A Rising Threat to Shipping Companies
Changi Airport: How Singapore Engineered the World’s Most Efficient Travel Experience
Power Dynamics: Apple’s Leadership Shakeup, Geopolitical Risks in the Strait of Hormuz, and Europe's Energy Strategy Amidst Global Challenges
Apple's Leadership Transition: Can New CEO John Ternus Navigate AI Challenges and Geopolitical Pressures?
Italy’s €100K Tax Gambit: Europe’s Soft Power Tax Haven
News Roundup
Microsoft lost 2.5 millions users (French government) to Linux
Privacy Problems in Microsoft Windows OS
News roundup
Péter András Magyar and the Strategic Reset of Hungary
Hungary After the Landslide — A Strategic Reset in Europe
Meghan Markle Plans Exclusive Women-Focused Retreat During Australia Visit
Starmer and Trump Hold Strategic Talks on Securing Strait of Hormuz Amid Rising Tensions
Unofficial Australia Visit by Prince Harry and Meghan Expected to Stir Tensions with Royal Circles
Pipeline Attack Cuts Significant Share of Saudi Arabia’s Oil Export Capacity
UK Stocks Rise on Ceasefire Momentum and Renewed Focus on Diplomacy
UK to Hold Further Strategic Talks on Strait of Hormuz Security
Starmer Voices Frustration as Global Tensions Drive Up UK Energy Costs
UK Students Voice Concern Over Proposal for Automatic Military Draft Registration
Rising Volatility Drives Uncertainty in UK Fuel and Petrol Prices
UK Moves to Deploy ‘Skyhammer’ Anti-Drone System to Strengthen Airspace Defense
New Analysis Explores UK Budget Mechanics in ‘Behind the Blue’ Feature
Man Arrested After Four Die in Channel Crossing Tragedy
UK Tightens Immigration Framework with New Sponsor Rules and Fee Increases
UK Foreign Secretary Highlights Impact of Intensified Strikes in Lebanon
UK Urges Inclusion of Lebanon in US-Iran Ceasefire Framework
UK Stocks Ease as Ceasefire Doubts in Middle East Weigh on Investor Confidence
UK Reassesses Cloud Strategy Amid Criticism Over Limited Support Measures
UK Calls for Full and Toll-Free Access Through Strait of Hormuz Amid Rising Tensions
Starmer Signals Strategic Shift for Britain Amid Escalating Iran-Linked Tensions
UK Issues Firm Warning to Russia Over Covert Underwater Military Activity
OpenAI Halts Stargate UK Project, Casting Uncertainty Over Britain’s AI Expansion Plans
Starmer Voices Frustration Over Global Pressures Driving UK Energy Costs Higher
UK Deploys Military Assets to Protect Undersea Cables From Suspected Russian Threat
Canada Aligns With US, UK and Australia as Europe Prepares Major Digital Border Overhaul
Meghan Markle’s Planned Australia Appearance Sparks Fresh Speculation
Starmer Warns Sustained Effort Needed to Ensure US–Iran Ceasefire Holds
UK to Partner with Shipping Industry to Rebuild Confidence in Strait of Hormuz, Cooper Says
UK Interest Rate Expectations Ease Following US–Iran Ceasefire Agreement
Starmer Signals Major Effort Needed to Fully Reopen Strait of Hormuz During Gulf Visit
UK Fuel Prices Face Ongoing Volatility Amid Global Pressures and Domestic Factors
Kanye West’s Planned Italy Festival Appearance Draws Debate After UK Entry Ban
Smuggling Routes Shift Toward Belgium as Migrant Crossings to UK Evolve
Ceasefire Offers Potential Relief for UK Fuel and Food Prices Amid Ongoing Uncertainty
Iran Conflict Raises Questions Over UK’s Global Influence and Military Preparedness
Senator McConnell Visits Kentucky to Highlight Federal Investment in Local Projects
Kanye West Barred from Entering UK as Legal Grounds Come into Focus
UK Denies Visa to Kanye West After Sponsors Withdraw from Wireless Festival
Trump-Era Forest Service Restructuring Leads to Closure of UK Lab Focused on Kentucky Woodland Health
×