Shakespeare, social housing, and influencers: What does a prize draw for a Georgian town house near Borough Market say about the state of the capital's property market?
Between this, the mania for crypto currency, and young people all trying to win the influencer algorithm lottery, it feels like we've sleep-walked into a society where people believe the only chance they have at social mobility is gambling.
I bet she’s watched the videos on the Omaze site where an early winner says he manifested so hard that he had TOLD HIS KIDS all about their new home. And then he won a big house in Finsbury Parkish area.
What makes his story even more dangerous for me is that they film him outside his old, less impressive home - and it’s on my street! He was about 15 doors along. Making me want to believe that this is where winners are made. Ffs.
If I remember rightly the Omaze blurb for the Finsbury Park house overestimated the likely value, described it as Islington which whilst technically true is a bit of a stretch for where people think Islington is, and very much failed to mentioned the adjacent large secondary school. Nice house all the same and I’d not have said no thanks!
Yep you’re absolutely right. It’s in an inbetween sort of no man’s land but the guy did have a couple of young kids so maybe they got to enjoy the school at least.
It’s always an unsellable house. At least, at the price they’re asking. Jim was very right to investigate the alleged values - when I imagine myself winning one and selling it I always subtract a million from my calculations…
That's a fascinating story. I admit I've been tempted! I know the site well, having done Shakespeare guided walks around the area, but I didn't know the history of that specific house.
Regarding the Omaze phenomenon, there's a modernist clifftop house in Kent, which was an Omaze house a couple of years ago. It seems to be permanently on the market since it's lucky winner won their 'dream home'. I wonder how many of these houses look great but have serious issues.
You now win up to £250k in cash as part of the prize to help with that, but yes. More excitingly, people who don’t sell up and do move into these raffle houses often find out they’re eg built on a flood plain or on an eroding cliff.
I actually thought one of the most intriguing bits of reporting out this story was the stagnation of the high end London property market, which is challenging to a lot of narratives!
I think that’s worthy of a whole other Centric article. I do find it fascinating - and is it just me or is that £4 or £5m point the most static of all.
A few years ago someone I knew was selling up in Chelsea when those big white terraces were going for that price. Much more recently I moved temporarily to a rented flat in Primrose Hill where all the similar white terraces were trying to sell for that price but stagnating.
And now I’m back in Hackney, where constant growth means we now have a few beautiful period houses on for that price too. But I feel that ours don’t stagnate as much - I mean Hackney has seen *such* growth that Inigo / The Modern House said they were setting up a Hackney office. I don’t believe they have any other regional offices, so that’s quite something.
But it’s that *particular* price bracket, and all the wildly different posh areas of London now seem to charge it. Primrose Hill is v different from Chelsea but they’re asking about the same now. Everything seems to get stuck there.
Are the £20m listings stagnating in the same way or are they going to overseas investors less affected by our taxes and interest rates?
Between this, the mania for crypto currency, and young people all trying to win the influencer algorithm lottery, it feels like we've sleep-walked into a society where people believe the only chance they have at social mobility is gambling.
That does not feel... great.
I *loved* this piece but it tells us something just so totally depressing about the housing market in London. Rooting for Kim to win it!
She was amazing. It sounds like a cliche but meeting people like her genuinely is one of the best parts of this job.
I bet she’s watched the videos on the Omaze site where an early winner says he manifested so hard that he had TOLD HIS KIDS all about their new home. And then he won a big house in Finsbury Parkish area.
What makes his story even more dangerous for me is that they film him outside his old, less impressive home - and it’s on my street! He was about 15 doors along. Making me want to believe that this is where winners are made. Ffs.
If I remember rightly the Omaze blurb for the Finsbury Park house overestimated the likely value, described it as Islington which whilst technically true is a bit of a stretch for where people think Islington is, and very much failed to mentioned the adjacent large secondary school. Nice house all the same and I’d not have said no thanks!
Yep you’re absolutely right. It’s in an inbetween sort of no man’s land but the guy did have a couple of young kids so maybe they got to enjoy the school at least.
It’s always an unsellable house. At least, at the price they’re asking. Jim was very right to investigate the alleged values - when I imagine myself winning one and selling it I always subtract a million from my calculations…
C’mon Kim!
That's a fascinating story. I admit I've been tempted! I know the site well, having done Shakespeare guided walks around the area, but I didn't know the history of that specific house.
Regarding the Omaze phenomenon, there's a modernist clifftop house in Kent, which was an Omaze house a couple of years ago. It seems to be permanently on the market since it's lucky winner won their 'dream home'. I wonder how many of these houses look great but have serious issues.
The little loopholes these companies jump through to avoid being classified as a lottery... You see it everywhere now, especially on YouTube.
Brilliant, that has scratched my itch, thankyou.
Yours in embarrassing possession of a few tickets…
Will you invite me over?
I fear that neither of us have manifested hard enough.
Don't a lot of these winners end up selling up right away due the cost of running the homes?
You now win up to £250k in cash as part of the prize to help with that, but yes. More excitingly, people who don’t sell up and do move into these raffle houses often find out they’re eg built on a flood plain or on an eroding cliff.
I actually thought one of the most intriguing bits of reporting out this story was the stagnation of the high end London property market, which is challenging to a lot of narratives!
I think that’s worthy of a whole other Centric article. I do find it fascinating - and is it just me or is that £4 or £5m point the most static of all.
A few years ago someone I knew was selling up in Chelsea when those big white terraces were going for that price. Much more recently I moved temporarily to a rented flat in Primrose Hill where all the similar white terraces were trying to sell for that price but stagnating.
And now I’m back in Hackney, where constant growth means we now have a few beautiful period houses on for that price too. But I feel that ours don’t stagnate as much - I mean Hackney has seen *such* growth that Inigo / The Modern House said they were setting up a Hackney office. I don’t believe they have any other regional offices, so that’s quite something.
Half a mil of tax and 4.5% interest rates will do that to people!
But it’s that *particular* price bracket, and all the wildly different posh areas of London now seem to charge it. Primrose Hill is v different from Chelsea but they’re asking about the same now. Everything seems to get stuck there.
Are the £20m listings stagnating in the same way or are they going to overseas investors less affected by our taxes and interest rates?
That's why everyone's planning to go straight to AirBnB for half of the house.
It would be a massive coincidence if someone loosely related to the Omaze organisation eventually wins the house in the 'prize draw'.