Whilst the auctioneer prefers to regulate the bid increments, it is possible to offer a different increment than the auctioneer proposes. This bid increment can be both higher and lower. A higher bid increment, also known as a 'jump' bid. This can be used by people to upset the rhythm of the bidding and jump the bidding to the next price level.
This ‘Glossary of Terms’ – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.
If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.
For more information on buying or selling at a property auction, have a read of our guide to buying at auction.