Here's how you can win a £315,000 three bedroom home for just £1

Those looking to get on the property ladder have an almost too good to be true opportunity - you could purchase a £315,000 three bedroom detached home for just £1.

Birmingham-based company Raffle My House is offering what is believed to be UK's "first ever house competition platform" by offering a bungalow in the West Midlands town of Halesowen.

However, those wishing to take part in the £1 raffle have to be quick, as the competition will stop talking entries once there are 325,000 people taking part.

All people have to do to enter is answer a Monopoly-based question on the website and pay the £1.

Company director Raj Roma added that on top of giving away the home, RaffleMyHouse will also donate £5,000 to a charity of the winner's choice.

He told the Mirror: "I thought it was time for a change and I wanted to sell the house. I came across this concept and thought it was a bit different and very interesting.

"I like how it was a bit different compared to the usual way of going through an estate agent. It's less hassle.

"I also think it's good to help people who can't afford to buy a house and it helps get somebody on the property ladder."

The recently furbished home is around 20 minutes away from Birmingham city centre. A description of the Raffle My House website described the bungalow as "a beautiful, refurbished, extended three bedroom, detached, bungalow in a fantastic position with plenty of space.

"This fantastic property is situated on a popular road opposite a wonderful woodland copse, a sweeping driveway with parking for multiple vehicles, welcoming reception hall, kitchen, lounge, master bedroom, ensuite, two further bedrooms, family bathroom a rear garden."

The competition closes on 8 February – unless the full number of entries is reached beforehand – with the winner being announced by Property TV founder Michael Hammond on Sky Channel 198.