What is a reserve?

Each property will be offered in the auction subject to a reserve price. This is a confidential figure, set between the seller and the auctioneer, and it is the figure that bidding must reach before the auctioneer can sell the property in the room. For a single figure guide price, the reserve cannot be more than 10% above the guide (for example, a property with a guide of £100,000+ could have a reserve up to £110,000). For a guide price range (£100,000 - £120,000), the reserve must sit within that range and not exceed to the top end figure stated.