The owner of a £190,000 flat in Bristol is offering people the chance to win the property by paying just £100.

Stuart Ward has set up a website contest inviting people to buy tickets to be entered into a draw at the end of the year.

The lucky holder of the ticket drawn from the hat will win the two-bedroom loft apartment in Little Bishop Street, St Paul's.

Mr Ward, 28, bought the property in 2006 but now wants to relocate to his hometown of Plymouth to start a family with his partner, NVQ assessor Liz Brown, 35.

But a recent valuation showed the property would only fetch what he paid for it three years ago, meaning its sale wouldn't cover agency fees, solicitors' fees and moving costs.

He says raffling off his property could allow him to make his money back, cover his costs and also make profit to buy a larger family home in Plymouth.

The only catch is that 4,000 tickets must be sold for the sale to go through – giving Mr Ward £400,000 for his flat. If fewer than 4,000 are sold, the winner will net a cash prize of 70 per cent of the total ticket sales.

Mr Ward, a construction consultant, said: "People could potentially win the home for a £100 gamble. It's a two-bed flat, with 1,230ft living space, an open plan design with a contemporary feel, wooden floors and a bespoke kitchen."

Tickets can only be bought online and Mr Ward has employed a website design company to create the page, which shows the last valuation carried out on the flat and the floor plan.

Payment is made by Paypal, an online site that acts as a middle man in financial transactions and creates an electronic record as a receipt. Solicitors BPE Cheltenham have drawn up the terms and conditions for the contest. But the chance of making a £189,900 profit for such a relatively small stake might seem too good to be true for many.

Mr Ward said: "It's obviously a preconception I'm going to have to overcome. People have tried doing it (raffling off their homes) for all sorts of ways, some for a pound.

"If I saw it advertised I would think it's too good to be true. All I can do is make it as credible as I possible can.

"I have got no objection to people viewing the property, it's important for people to take this seriously.

"But I hope 4,000 people don't traipse through my flat."

Mr Ward is prepared to contribute towards fees relating to the sale, including solicitors fees up to £600 and stamp duty of 1.5 per cent.

He has had to jump through many hoops set out by the gambling commission to make sure the contest is legal.

He said: "Raffles are illegal unless they are like a church hall raffle. So I have put a series of multiple choice questions on the website."

But the biggest hurdle Mr Ward may face isn't the legality, it's the location of his flat. St Paul's has plenty to offer but it's safe to say it doesn't have the best reputation in the world. Mr Ward's home is in a converted local authority office block developed in 2005.

He said: "I really fought that sort of issue when I moved down there, it has got a bit of a stigma. I was bowled over by the flat and the area is being regenerated hand over fist so it's a bit of an investment. It's actually quite a nice place to live."

The draw will take place on December 31 this year, or as soon as all the tickets are sold. The draw will be carried out electronically by his solicitor using a computer programme designed to pick a winner at random.