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Website gears-up for world’s cheapest property auction

Last week, lowest unique bid auction Humraz.com sold £700 worth of gold bullion for 36p. On Thursday, £500 cash will sell for less than £25. At 3pm on November 30th, a £180,000 property will sell for less than £9000.

Humraz works by charging participants £3 to submit a bid online or via SMS. This charge is pooled into a syndicate to cover the cost of whatever is being auctioned. Humraz limits bids to a maximum 5% of the value of anything it auctions, so the winner – whoever bids the lowest unique (i.e. unmatched) amount – was therefore guaranteed to pay less than £35 for the gold bullion.

On Wednesday this week (7th November), Humraz will close the penultimate auction before the launch of their new model, which is scheduled to launch in December. The winner of Thursday’s auction will pay less than £25 for £500 sterling. The runner-up – the individual with the second-lowest unique bid – will receive £150 of credit to bid on the property auction.

The property auction has generated significant national media interest since it launched earlier this year. The two-bedroom flat in Woking is worth in excess of £180,000 and under the Humraz scheme is guaranteed to sell for less than £9000, contingent on enough bids being placed to cover Humraz’s costs.

“Many people’s first reaction to the concept is ‘it’s too good to be true’,” says Humraz’s founder Asmat Monaghan. “We’ve now had several successful gold and currency auctions that prove that this system enables people to buy assets for a fraction of their value. Peoples’ natural scepticism is the only thing stopping property being sold in the same way.”

For further information, images and interviews with Humraz directors and participants, please contact:

Sami McCabe
m: +44 (0) 7789 777 440
t: +44 (0) 20 8849 8180
f: +44 (0) 20 8899 6001
e: sami@ubiquitycomms.com

Editors’ Notes:

• 2.5% of the value of the property will be donated to Warchild UK – the charity dedicated to young victims of armed conflict
• If the minimum number of bids required to cover the cost of the property aren’t received, Humraz will award £3000 to the lowest unique bidder, plus the value of all bids that bidder submitted. 60% of the remaining funds will be donated to Warchild UK.
• ‘Humraz’ is an anagram of Asmat Monaghan’s daughters’ initials
• Bids are placed via SMS, online and post: there is no premium rate telephone line
• As soon as the auction closes there are no further bids accepted

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