Owners to sell £845k house by raffle after housing market turmoil dries up usual channel of buyers

A house that featured on hit TV show Grand Designs is being offered as first prize in a raffle after it failed to sell through an estate agent.

Tim and Zoe Bawtree built the £845,000 “underground house” in their background, and dreamed up the contest in a bid to beat the housing slump after failing to secure a buyer through the usual channels after three months on the market.

Tickets are being sold for £25, with the winner collecting the keys to 12 Oxford Walk in Cheltenham.

There is a catch - the three-bedroom “eco-home” home will be given away only if at least 40,000 tickets are sold. This will cover the costs of stamp duty, furnishings and a donation to Cancer Research as well as the value of the house.

The house, which is partly underground, was built using highly insulated polystyrene and concrete construction. The bathroom features light therapy and a “rain shower”, while the kitchen has cupboards that open electronically at a touch.

Anyone wishing to enter must name the 2008 winning horse of the Cheltenham Gold Cup to stand a chance of claiming the property. Tickets can be bought online at www.winthecheltenhamhouse.com.

The Bawtrees are in negotiations with a celebrity who will make the New Year draw, the result of which will be announced via TV and the web.