Business03 April, 20261 min read
Rightmove Faces 1.5 Billion Pound Class Action Over Excessive Fees
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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.
Estate Agents Sue Over Fees
Rightmove faces a 1.5 billion pound class action lawsuit. 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. Rightmove's shares fell nearly 9%. The UK property market has been weakened by declining demand.