A DECORATOR is holding a competition to sell his house for £25 after the credit crunch has made it virtually impossible to sell.
Kirk Clugston, 49, has spent more than £100,000 refurbishing the bungalow he bought in Hill Rise, Ruislip, in January, but cannot sell it at the price he wants.
He has now come up with an ingenious idea to give someone the chance to win it for £25 by selling 28,000 tickets.
The father-of-two of Swakeleys Drive, Ickenham, said: "I bought it to do it up and sell it. Even though I was paying a lot of money for it, I thought there was a possibility of earning a bit of money out of it, but that chance is disappearing everyday now.
"Everybody loves it but nobody has any money so it makes it difficult."
Mr Clugston bought the dilapidated two-bedroom bungalow for £372,500 and planned to sell it for £570,000 after turning it into a four-bedroom, three-bathroom home.
He said: "About two weeks ago I was lying in bed and I couldn't sleep. I was trying to work out how I was going to sell it and I thought ''I know I will raffle it'.
He needs to make an extra £130,000 more than the asking price from the tickets sales in order to pay for expenses, such as his legal bills and advertising.
He has set up a website to sell the tickets and the closing date of the competition will probably be in the third week of April next year.
He said: "If I don't sell all the tickets by the closing date then the person who wins will get whatever is in the bank, apart from the money needed to pay for the expenses.
"The lottery is 14 million to one and this is 28,000 to one, so the odds are absolutely fantastic.
"Someone has got to win it and if they don't they will they will win a whole load of money.
"I think people will be quite sceptical about it, but I won't be able to get near the money. The solicitors will do everything and the draw will be done by an independent adjudicator.
"Everybody's details will be on the website so if there was any discrepancy they will all get their money back."
Tickets can be bought from www.winmybungalow.com .