process
Reserve price
The confidential minimum a seller will accept. If bidding does not meet the reserve, the lot does not sell. Reserves are agreed between seller and auctioneer and are not disclosed to bidders.
In simple terms
It's the hidden floor — bid above it, the property is yours; below it, the auctioneer pulls the lot.
Example
A flat with a guide of £180,000 might have a reserve of £190,000. Bids stall at £185,000 → the lot is unsold and may be negotiated post-auction.
If you're buying
You cannot see the reserve, but it's usually within 10% of guide. After an unsold lot, you can often negotiate directly with the auctioneer.
If you're selling
Set the reserve to the absolute lowest you'd live with — not the price you hope to achieve. The market does the rest.
Related terms