Getting a foot on the property ladder is a difficult task, with many budding homeowners having to save for years to secure enough for a deposit. But first-time buyers now have the chance to bag a £500,000 London property for a mere £10. £10 raffle tickets A luxurious, modern flat in East London is currently up for grabs via a raffle draw. To be in with a chance to call the property your own, you simply need to buy a £10 raffle ticket which will enter you into a draw. The competition guarantees a winner, even if it doesn’t meet its target of 60,000 ticket sales - giving entrants an increased chance of scooping the house. The newly renovated flat is located in zone 2 Whitechapel, East London, and boasts two large double bedrooms, a spacious open-plan kitchen and stylish living room. Kings Group estate and lettings agents have valued the property at £500,000 and estimate that the flat will bring in a monthly rental income of £2,100, if the winner were to rent it out. The lucky winner won’t have to pay for stamp duty or legal fees, as these are both being covered by Raffle House. Raffle House will also fund £3,000 towards council tax and bills in your first year of home ownership. The property has been valued at £500,000 and could bring in a monthly rental income of £2,100 (Photo: Raffle House) How to win Tickets for the raffle are priced at £10 each, although the company is giving away free entries if you purchase multiple tickets. For example, if you buy two tickets you will get two free, if you buy three tickets you will get four free, if you buy five tickets you will get seven free, and if you buy 10 tickets you will get 15 for free. The more tickets you buy, the greater your chances are of scooping the prize - but you won’t get your money back if you lose. The deadline for entries is 31 July 2020, although Raffle House may bring this forward if it meets its target ticket sales earlier. Entrants need to be aged 18 or over to take part, and the competition is open to both first-time buyers and homeowners alike. To enter, simply purchase some tickets via the Raffle House website before the July deadline. You will also need to answer a multiple choice question on world population within 30 seconds, and will be given two attempts to answer correctly within a 24 hour period. You won’t be permitted to proceed to the payment section unless you submit the correct answer.