Guide price versus asking price?

[Birdington]

I’m a first time buyer and a bit confused by guide price versus asking price, are they the same thing?

The house I’m looking at isn’t a range on the guide price it’s one figure so I’m a bit confused as to what thee vendor wants for the house.

Thanks!

https://www.comparethemarket.com/mortgages/content/what-is-a-guide-price/#:~:text=In%20general%2C%20it%27s%20considered%20reasonable,market%20for%20a%20long%20time.

https://cooper-adams.com/blog/guide-price-asking-price-offers-in-the-region-of-offers-in-excess-of/4758

Okay thanks @Plethoraofwoo I’ll take a look at those. I did a bit of Googling but most of the articles I found were about ranged guide prices.

Guide price, asking price, "offers over".... Don't worry what words they use. The only bit that matters is the number, and that only matters as the seller's opening gambit in the negotiation of a mutually acceptable price.

In general the agents will use "guide price" or "offers over" if they want to imply that the property is likely to be popular among buyers, that they are expecting multiple offers and that when you decide that you love the property you will be bidding against other interested people.

Don't be fazed by this. It may not even be true. Offer what the property is worth to you - that may be less than the asking price and that's ok. Be prepared to walk away. You are attractive as a buyer because you aren't already part of a chain, so long as you have mortgage finance agreed.

Thanks all for your advice, I have the cash in the bank so it would be very straightforward I hope.

You should drive a very hard bargain then.

wow. In that case do not be afraid to offer low. A higher offer from someone who will only be able to proceed once their own house sale goes through is worth less than a lower offer from someone with cash in the bank who won't have nearly so many possible reasons to drop out.