First of all, during an auction, the reserve price is the minimum amount that you as the seller is willing to accept. If the bidding in the auction ends below this figure, it will not be enough to trigger the sale and the property will remain unsold.
Guide price is a price at which the property will be marketed. It can be a single number e.g. £100,000+ or a range £100,000 to £110,000. This has to be set within the 10% of Reserve Price if described as a single guide or the reserve has to be within the range. As the name suggests, it’s a guide for the prospective bidders and isn’t necessarily enough to win the listing overall.
This figure is entirely dependent on the outcome of competitive bidding in the auction. It will typically be much higher than the both the Guide and Reserve Price. In fact, usually the lower the guide/reserve, the more prospective bidders come to bid and that usually leads to a bidding war which drives the final sale price up. That’s why we suggest that there is no upper limit in the auction.