In Conor's words, ‘We believe that in this current market this is great way of disposing of our home, and there is no catch. Basically you enter the competition, answer the question and if correct, when the winning ticket is drawn, we get the full value of our home and one lucky person will gain a fantastic prize for £100. The residential market is very difficult at present and mortgages are hard to come by, so we feel this works for both ourselves and the new owner. I would also say that in my opinion this competition will only work for a certain type of product. The property in question is of a superior standard and is therefore a fantastic prize for the winning ticket holder.’

Should less than 5,500 tickets be sold by Friday 13th February 2009, the competition will be extended by a further three months. The draw is expected to take place live on the radio or television.

As we reported a few weeks ago, Brian and Wendy Wilshaw successfully sold all 46,000 tickets they were aiming for (at £25 per ticket) to sell their own house, on the back of a very successful media campaign. The winner of the Devon property competition has yet to be announced due to a last minute request by the UK's Gambling Commission. In addition, we have seen a number of 'win a house' competitions launched in recent months, partly as a result of the credit crunch. This is the first similar competition we have seen out of Ireland, and we will be interested to see how it develops.

To enter the competition, players must answer the following question and purchase a ticket on the website: What is the percentage stamp duty payable on residential properties worth in excess of £500,000 in Northern Ireland? You could find some clues here.

We wish Kate and Conor good luck with their competition and look forward to seeing how well it does over the coming months.