Guide price
A guide price is an indication of what a seller expects a home to sell for. At auction it shows roughly where the reserve price is set.
A guide price is an indication of the price a seller expects a home to achieve. It is used in two places: at property auctions, and on some homes sold through an estate agent in the usual way.
In both cases it is a guide, not a fixed price. The final price can be higher or lower.
Guide prices at auction
At a property auction, each home, called a lot, has a guide price. This is the auctioneer's estimate of where bidding is likely to reach, and it relates to the reserve price. The reserve is the lowest price the seller will accept, and it is kept confidential.
Auctioneers generally set the reserve within the guide range, or close to a single guide figure. Advertising rules expect auction listings to explain clearly how the guide price is set and how it differs from the reserve. Guide prices can change during the marketing period, so check the latest figure on the day.
A guide price can be a single figure, such as "£200,000+", or a range, such as "£190,000 to £210,000". These examples are only for illustration. Homes at auction often sell above their guide price.
Guide prices for private sales
Some estate agents use "guide price" instead of a fixed asking price. It suggests the seller is open to offers around the figure, either side. It may be used for unusual homes that are hard to compare, or where the agent expects strong interest.
Wording such as "guide price", "offers over" and "offers in the region of" all signal slightly different expectations. Our guide to asking prices and sold prices explains how they relate to the price finally paid.
Checking a guide price
Recent sold prices for similar homes nearby are the clearest way to judge a guide price. Look at sales of the same property type and tenure in the same street or postcode. Our guide on estimating a home's value from sold prices shows how to pick comparables.
| Used for | Auction lots and some private sales |
| At auction | Indicates roughly where the reserve is set |
| Reserve price | Confidential minimum the seller will accept |
| Final price | Can be above or below the guide |
Related terms
Property auction · Asking price · Market appraisal · Comparables · Price Paid Data