If an auctioneer is auctioning a lot but the level of bidding has not reached the reserve price, the auctioneer is permitted by statute to bid on behalf of the vendor, also known as 'off the wall'. This bidding pattern can then continue with the auctioneer bidding on behalf of the vendor up to but not including reserve.
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.