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"Guide prices" and "reserve prices" often cause much confusion amongst buyers and sellers at auction. At most networking or q&a sessions with auctioneers, you can guarantee that someone will ask what the difference is between the two price tags.
We would love to have your thoughts on the matter, and so we've put together this very short survey, which we would be really grateful if you could complete. It won't take more than 3 minutes.
We'd also love to hear your thoughts in general on guide prices and reserves in the auction room - do you think they are both necessary? If you were selling a property, would you mind if the reserve was disclosed? If you are buying, do you calculate the reserve before bidding?
As a thank you for filling in the survey, we'll also enter you into a draw to win £50 worth of John Lewis vouchers.
Click here to take the survey
Bamboo Auctions works with auction houses across the UK, to provide buyers and sellers access to an online property auction. Sellers have flexibility and can choose the length of the auction period, without having to wait for a specific date. Buyers have accessibility and transparency by being able to bid on a property online when convenient for them. To sell your property by online auction, contact us today.
Bamboo Auctions0330 088 9659
2 Angel Square, London, EC1V 1NY
Sell your property by online auction
Thanks for posting this Robin.The guide price is often very misleading imho. Properties often sell for significantly more.I guess there is an element that the auctioneer wants to get interest in the property by guiding it low?It's vital that people undertake their own due diligience and do not rely on published guide prices.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks to everyone who completed our survey, we had over 100 responses and your thoughts and comments were really helpful. We've collated the results and we think they make for interesting reading.
Currently, how guides and reserves are set is based on a ruling by the Advertising Standards Agency. In short, they state that a reserve cannot be set at more than 10% of a single figure guide price. Where the guide price is a range, then the reserve should be within that range.
It is the 10% figure that causes controversy and our results demonstrate that consumers do not necessarily agree with this.
Our mission is to increase the market share enjoyed by the auction sector. We do this by working with local auctioneers to provide an online property auction that gives sellers more flexibility and control, and buyers more convenience and accessibility. We are not able to influence pricing (as we rely on the expertise of our auction partners), but we carried out this survey to provide our auction partners with information on what buyers and sellers think.
We'd love to know what you think about the results and also about guide prices and reserves in general.
The topic of guide prices is so important and we do get asked about it all the time. There is so much misunderstanding surrounding this topic, though as we are looking forward to seeing the results from the survey on guide prices we won't say anymore at this stage!