Auction service Humraz reports a huge surge in enquiries from individuals desperate to sell their properties as concerns grow over the legality of increasingly popular property raffles.
In recent months, increasing numbers of vendors have sought inventive ways to sell their homes as the housing market grinds to a standstill.
Humraz is now receiving 200 enquiries per week from people who simply can’t sell their property in the traditional way. This figure is all the more surprising given news about Humraz is spread largely by word of mouth.
Humraz does not charge home owners a fee but as it restricts the number of properties offered on the site at any given time, the company is finding that it is managing a growing list of carefully selected prospects.
Humraz is a unique auction system that enables vendors to recoup 100% of their property’s market value, whilst buyers pay a tiny fraction of the cost – guaranteed to be less than 5% of the property’s valuation.
For example, a Humraz auction for a £515k property in an Essex marina is currently accepting seat bookings. This luxurious five-bedroom home is guaranteed to sell for less than £25k to the bidder who successfully implements skill and strategy to find the lowest unique bid at the auction close.
Humraz complies 100% with the Gambling Commission’s guidelines on reverse auctions.
Currently, house vendors are increasingly turning to property raffles, the legality of which is widely recognised as being dubious at best. Since BBC Breakfast TV featured the raffle of a property auction in Devon, a raft of copycat raffles have emerged across the UK.
“We don’t view these raffles as rivals,” says Humraz founder Asmat Monaghan. “They tend to appeal to people who are happy to leave things to chance. Our auctions appeal to people who enjoy pitting their wits against each other in open competition.
“However, we are concerned that the potentially illegal lottery format used by these raffles is very easy to replicate and therefore presents a tremendous opportunity for scammers,” continues Monaghan. “As these raffles often refer to themselves as competitions, we feel it’s inevitable that once a scam is unearthed, legally-run competitions like Humraz will be tarnished by the resulting publicity.”
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