This is the minimum price that a seller is willing to accept for a subject property. This is a figure that the property will not be sold for less than. Reserve prices are not published; this is a private agreement between the auctioneer and the vendor and only known to them. The reserve can be subject to change at any time.
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.