London Daily

Focus on the big picture.
Saturday, Feb 21, 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
UK Confirms Preferential U.S. Trading Terms Will Continue After Supreme Court Tariff Ruling
U.S. and U.K. to Hold Talks on Diego Garcia as Iran Objects to Potential Military Use
UK Officials Weigh Possible Changes to Prince Andrew’s Position in Line of Succession Amid Ongoing Scrutiny
British Police Probe Epstein’s UK Airport Links and Expand High-Profile Inquiries
The Impact of U.S. Sanctions on Cuba's Humanitarian Crisis: A Tightening Noose
Trump Directs Government to Release UFO and Alien Information
Trump Signs Global 10% Tariffs on Imports
United Kingdom Denies U.S. Access to Military Base for Potential Iran Strike
British Co-founder of ASOS falls to his death from Pattaya apartment
Early 2026 Data Suggests Tentative Recovery for UK Businesses and Households
UK Introduces Digital-First Passport Rules for Dual Citizens in Border Control Overhaul
Unable to Access Live Financial Data for January UK Surplus Report
UK Government Considers Law to Remove Prince Andrew from Royal Line of Succession
UK ‘Working Closely with US’ to Assess Impact of Supreme Court Tariff Ruling
Trump Criticises UK Decision to Restrict Use of Bases in Potential Iran Strike Scenario
UK Foreign Secretary and U.S. State Chief Hold Strategic Talks as Tensions Rise Over Joint Air Base
Two teens arrested in France for alleged terror plot.
Nordic Fracture: How Criminal Scandals and Toxic Ties are Dismantling the Norwegian Crown
US Supreme Court Voids Trump’s Emergency Tariff Plan, Reshaping Trade Power and Fiscal Risk
King Charles III Opens London Fashion Week as Royal Family Faces Fresh Scrutiny
Trump’s Evolving Stance on UK Chagos Islands Deal Draws Renewed Scrutiny
House Democrat Says Former UK Ambassador Unable to Testify in Congressional Epstein Inquiry
No Record of Prince Andrew Arrest in UK as Claims Circulate Online
UK Has Not Granted US Approval to Launch Iran Strikes from RAF Bases, Government Confirms
AI Pricing Pressure Mounts as Chinese Models Undercut US Rivals and Margin Risks Grow
Global Counsel, Advisory Firm Co-Founded by Lord Mandelson, Enters Administration After Client Exodus
London High Court dispute over Ricardo Salinas’s $400mn Elektra share-backed bitcoin loan
UK Intensifies Efforts to Secure Saudi Investment in Next-Generation Fighter Jet Programme
Former Student Files Civil Claim Against UK Authorities After Rape Charges Against Peers Are Dropped
Archer Aviation Chooses Bristol for New UK Engineering Hub to Drive Electric Air Taxi Expansion
UK Sees Surge in Medical Device Testing as Government Pushes Global Competitiveness
UK Competition Watchdog Flags Concerns Over Proposed Getty Images–Shutterstock Merger
Trump Reasserts Opposition to UK Chagos Islands Proposal, Urges Stronger Strategic Alignment
Greek Prime Minister Kyriakos Mitsotakis advocates for a ban on minors using social media.
Liberal Senator Michaelia Cash Accuses Prime Minister of Lying to Australians
Meanwhile in Time Square, NYC One of the most famous landmarks
Jensen Huang just told the story of how Elon Musk became NVIDIA’s very first customer for their powerful AI supercomputer
A Lunar New Year event in Taiwan briefly came to a halt after a temple official standing beside President Lai Ching‑te suddenly vomited, splashing Lai’s clothing
Jillian Michaels reveals Bill Gates’ $55 million investment in mRNA vaccines turned into over $1 billion.
Ex-Prince Andrew Mountbatten-Windsor's arrested
Former British Prince Andrew Arrested on Suspicion of Misconduct in Public Office
Four Chagos Islanders Establish Permanent Settlement on Atoll
Unitree Robotics founder Wang Xingxing showcases future robot deployment during Spring Festival Gala.
UK Inflation Slows Sharply in January, Strengthening Case for Bank of England Rate Cut
Hide the truth, fake the facts, pretend the opposite, Britain is as usual
France President Macron says Free Speech is Bull Sh!t
Viktor Orbán getting massive praise for keeping Hungary safe, rich and migrant-free!
UK Inflation Falls to Ten-Month Low, Markets Anticipate Interest Rate Cut
UK House Prices Climb 2.4% in December as Market Shows Signs of Stabilisation
BAE Systems Predicts Sustained Expansion as Defence Orders Reach Record High
×