Originally Posted by BarryD2
If it were a property auction, yes it's reasonable to expect the guiding price to be just that and that the bidding will rise.
But where a property is advertised at a given asking price, as a member of the public, I expect the asking price to be just that, as in the bike above.
I'm afraid you have this the wrong way around.
At an auction, once the reserve price placed on the property is reached, it will sell at that price, or above if the offers exceed the reserve. The rules at an auction are different from standard house sale in many important ways. The seller, usually a bank or receiver is bound by a contractual agreement with the auction house to sell once the reserve is met, no such agreement exists between a vendor and EA in a standard sale.
You would be naive to expect a house to sell on the open market just because the guide is reached. At an auction the property is there to sell on the day of the auction, in a standard sale the vendor is usually in no hurry and is not bound by a reserve/advertised price. The seller may be happy to leave it on the market for months until the bids have maxed out, that is the sale price.
Sellers often instruct the EA to put it on the market below what it is worth and what they will accept, to generate interest and in the hope that a couple of bidders will drive the price up. In today's market properties regularly sell above asking due to lack of available houses and buyers determination to buy, even if it's more then they had intended to pay.
Property sales are not governed by the SOGASA so there are no regulations about advertised prices and as another poster has pointed out to you, shops are not obliged to sell goods at the advertised prices, it is just an invitation to you the consumer to buy something.
Taking your donedeal example, you could advertise your bike at that price, but if you get 2 offers, one for the advertised price and one for €50 more, there is no reason why you cannot accept the higher bid for the bike.