A website offering property as competition prizes has raised almost £200,000 through a crowdfunding campaign on the Seedrs website.

Raffle House – which runs competitions letting entrants purchase tickets to answer a question and if correct they are entered into a prize draw to win a property on the platform – has raised £197,331 from backers so far and is still open for investment.

It says it is worth £1.8m.

The Raffle House website is currently showcasing a home in Brixton – valued at £650,000 – and is looking to sell a minimum of 150,000 tickets priced at £5 each, which would give the seller £750,000.

Raffle House also donates 5% of ticket sales revenue to homeless charities.

Property raffle websites have become popular in recent months but the Gambling Commission has also expressed concerns.

Raffle House says it is compliant with all rules and will  pay Stamp Duty for winners.

It is unclear if any properties have sold through its raffles as yet. The current Raffle House property raffle was due to end in June but was extended until November to allow more time for ticket sales.

The crowdfunding pitch says: “Owning a home is often out of reach due to high costs and constrained supply making the housing market inaccessible and stagnant. Raffle House gives those with fewer prospects of getting onto the property ladder a chance to do so, mortgage and Stamp Duty free.

“Raffle House showcases extremely desirable properties in the price range of £350,000-£650,000 in highly populated UK cities and offers them as prizes to their customers.

“They also aim to tackle renting burdens across the country. Over £1,400 a month on average is spent by individuals renting in London. Raffle House plans to launch Rent Raffle competitions to help alleviate the pains of Generation Rent.

“With only 27% of 20-35 year-olds owning their place of residence, and half of the London population owning their home, Raffle House is able to tap into a significant market opportunity.

“Already 91% funded, Raffle House is vying to become the UK’s first property prize competition platform to award a house as a prize.”

Meanwhile, agency ‘voice leads’ service Triplerr has raised £610,426 of its £750,000 crowdfunding target on Seedrs, while Emoov is 144% over its Crowdcube fundraising target at £1.4m.