The house raffle business claims it’s the first operator globally to guarantee a property as the top prize when the draw closes.

Organisers of house raffles, where properties are given away as prizes to the winner, have faced criticism for handing out cash prizes if they haven’t sold enough tickets to cover the value of the home.

For its latest competition, Raffle House promises someone will be handed the keys to a newly renovated two-bed apartment in East London worth £500,000 when the competition closes in July this year.

Tickets cost £10 each and Raffle House will also cover Stamp Duty and legal fees.

Benno Spencer, chief executive of Raffle House, said: “We are delighted to guarantee the property for our current competition, becoming the first house raffle business in the world to do so.

“Doing life-changing things means taking big steps, and we’re proud to be able to offer this amazing property to our customers for just £10.

“We are also maintaining donations to two very worthy homelessness charities, Centre Point and Housing For Women. We aim to raise £15,000 for our charities this time around.”

Sara Damergi, TV property expert who has featured on A Place in the Sun and Coast vs Country, said: “This is such an interesting and fun concept especially when owning a home is now out of reach for so many.

“Guaranteeing the property as the main prize for its current draw is an absolute first in the industry which is huge and means that one player will win a flat in London worth around half a million when the competition closes.”