People could buy a £250,000 house for just £25 - provided Lady Luck is on their side.

The detached property, in Studley, Warwickshire, is the first house being sold by a new Midland firm aiming to put the boom back into the region's stagnant housing market.

Husband and wife team Matt and Rachael Speirs have set up Arrow Competitions, selling houses through a competition format.

The firm, which trades online as, offers an alternative to the traditional estate agent, enabling vendors to sell up within a three-month period.

The house sale will depend on up to 12,000 entry forms being submitted at £25 each. From five finalists drawn at random, the eventual winner will have to guess the correct key to the house.

Mr Speirs, who also runs a health and beauty company in Redditch with his wife, said: "I was looking at a neighbour's house that had been on the market for some time.

"Desperate to sell, the couple had been reducing the price of the property. It was only when thinking about this house and the usual estate agent process that the idea was born.

"Although £25 is a reasonable sum of money, it gives you a 12,000-to-one chance of winning a £250,000 house. You are four times more likely to win this competition than to get five numbers on the lottery.

"This is a first. There have been people who have tried to raffle their houses, but they have done it from their own living rooms."

Mrs Speirs added: "Our competition and company has been carefully set up so that even if all the 12,000 entry forms are not sold, we will still be able to go ahead with a competition. In this instance the prize will be 50 per cent of the sales and a percentage will go towards the vendor."

Mr Speirs said Arrow Competitions had been set up following discussions with the Gaming Board, the Inland Revenue, Trading Standards officials and VAT authorities.

Entry forms can be obtained from