Homeowner raffling house for £3.75 million bought it from council three years ago for £360,000
The raffle for the five-bedroom house was halted after Greenwich council warned that it could break gambling rules
A homeowner who tried to flog her home for £3.7 million by raffling it online bought the property three years ago from the council and paid just £360,000.
Renu Qadri, who lives in the posh five-bedroom house in Blackheath, was selling raffle tickets for £5 a pop.
It is understood that the property was valued around £460,000 at the time but records show that the buyer paid £360,000.
The controversial government scheme was first introduced in 1980 and allows council house tenants the right to buy their home at a discount.
At present council tenants can get a maximum discount of up to £104,900 in London and £78,000 across England through the scheme.
The property was also listed for £1.25 million on home selling website Rightmove.
Ticket buyers have been promised a full refund within 28 days.
A statement on the website now reads: “Ticket holders, please be advised that unfortunately we have been contacted by the local council informing us we will no longer be able to continue with this draw.”
On the website Ms Qadri said that she was finding it hard to make the mortgage repayments.
It also said she had tried to sell it home but had battled to find a buyer and that she was finding it hard to climb the stairs due to a medical condition.
Under right-to-buy rules, if a property is sold within 10 years of buying it through the scheme then the seller must first offer it to the council.
If the council refuses then homeowners can sell it on the open market but they must pay back the council a percentage of the original discount.
The amount owed back to the council varies depending on how long has lapsed since right to buy was used.
Ms Qadris has been contacted for a comment.
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