Rightmove Faces 1.5 Billion Pound Class Action Over Excessive Fees
Key Takeaways
- Rightmove faces a £1.5 billion opt-out class action at the Competition Appeal Tribunal.
- Hundreds of estate agents back the action led by Jeremy Newman over excessive subscription fees.
- Rightmove shares fell; reports vary from about 5% to 9% after filing.
Estate Agents Sue Over Fees
Rightmove faces a 1.5 billion pound class action lawsuit.
“- Published Estate agents have accused Rightmove of charging "unsustainable" fees, with some saying their charges have more than doubled in recent years”
Estate agents accuse Rightmove of abusing its dominant market position.
More than 250 estate agencies have expressed support.
Rightmove's Dominance Under Scrutiny
Rightmove holds an estimated 80% share of property portal usage.
Operating margins are around 70%.
Agents are having to employ fewer people because of fees.
Legal Backing and Market Impact
The lawsuit is fully funded by Innsworth Capital.
“Hundreds of estate agents have expressed support for legal action against Rightmove, which is being accused of charging excessive and unfair subscription fees”
Rightmove's shares fell nearly 9%.
The UK property market has been weakened by declining demand.
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