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A guide price shows the seller’s minimum expectation and should not be confused with the property’s actual value. It gives bidders a starting point for offers, and some auctions may show a guide price range to set expectations more clearly. The reserve price is a private minimum amount agreed between the seller and auctioneer. It allows the property to be sold quickly at auction without needing the seller’s approval after each bid. Since a 2014 Advertising Standards Authority ruling, reserve prices cannot be more than 10% above the guide price, giving buyers an indication of the likely maximum reserve price.

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* Generally speaking Guide Prices are provided as an indication of each seller’s minimum expectation, i.e. ‘The Reserve’. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Barney Estates and Auctioneers is the trading name for Barney Estates Limited (Co reg 12821397).
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