Chelsea estate agent Ed Bezzant — @edbezzant on Instagram — is looking to sell his pride and joy to finance his wedding but is using an innovative tactic to do so.
A Director at South Kesington based boutique Beaney Pearce, Bezzant stated on Instagram:
“Selling my Porsche for £20 – I am selling 2500 raffle tickets via DM the raffle will take place once all 2500 are sold and I will put every single entry in to an instagram live draw – this is 100% genuine and someone will be signed over the papers to the car if they are picked you can buy as many entry’s as you like, all will be confirmed via email as well as how to pay. Let the game begin.”
While this might seem like a steal — and good odds — for an expensive car, if he sells all of the tickets he will make £50,000 — more than the recommended retail price of a brand new 718 Cayman (£42,897), the latest edition of the car.
Bezzant told Business Insider that the “main reason being I have a wedding to pay for next year and got to give her a day to remember.”
This follows a trend of people looking to sell off valuable assets in non-traditional forms.
Marie Segal spent £20 on raffle tickets is the lucky winner of a highly unusual prize: an £845,000 Lancashire manor house in perfect condition.
Launched earlier this year by seller Dunston Low, the raffle sold tickets for £2 each. He only narrowly missed his target sum of £1m, raising a whopping £998,518 of tickets from almost 500,000 entries and more than 12,000 free postal entries.
Delighted winner of the property Ms. Segal said: “Is this a wind up? Are you kidding? I’m in shock. I’m speechless. I’ve never won anything before. This is completely surreal. I’ve only ever won £9 on the lottery.”
Seller Mr. Low was equally pleased, “I think once we’ve met the expenses, we should be left with about £850,000, meaning we will just break even,” he said.
Seller struggling to gain their asking prices is becoming a UK-wide trend, even at a time when the Land Registry/ONS reported house prices rose 0.8% in June. The year-on-year increase in house prices edged down to 4.9% in June from 5% in May and 5.1% in April – down from a peak of 8.2% in June 2016 (the highest since October 2014). However, the ONS measurement of house price inflation lags behind many of the other measures as it’s based on mortgage completions. It’s also subject to major revisions.
An analysis of the Land Registry data shows that houses price in 2017 compared to the pre-crisis era have risen significantly in all regions, especially London, indicating the resilience that London house prices have post such a meltdown event.
DMZ thinks that UK house prices look unlikely to rise by more than 2% in 2017 and could well be flat over 2018. Sellers need to either sit tight, realistically reprice their asset or look for other innovative ways to shift their stock, such as the lottery style approach adopted by many.
The problem with this PR-based sale however, is that as they become more frequent the novelty will wear off fast. We’ve gone from £1million properties to £40,000 car lottery’s in the space on a few months. What’s next on the asset lottery agenda?