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Rightmove, the UK's leading property portal, is facing a USD 2 billion lawsuit filed by estate agents, accusing it of abusing its market dominance through high subscription fees. Led by Jeremy Newman and supported by over 250 agencies, the claim has drawn attention as shares fell nearly 9%. The portal has rejected the allegations, citing the value it offers to partners and consumers. The legal action is backed by Innsworth Capital with support from Scott+Scott UK LLP. Market challenges and global conflicts have intensified pressures on the UK property sector.
Rightmove, the UK's largest property listing portal, has been hit with a USD 2 billion (INR 1,600 crore approx.) lawsuit in the country's Competition Appeal Tribunal. The claim, initiated by estate agents, alleges that Rightmove abused its dominant market position by charging excessive subscription fees to agencies and developers. The case is being led by former Competition and Markets Authority panel member Jeremy Newman. Advertisement
Shares of Rightmove dropped nearly 9% following the announcement. The lawsuit was initially disclosed last year, with potential claims then estimated at 1 billion pounds (USD1.3 billion). Rightmove has acknowledged the lawsuit but maintains that the claims are without merit, stating that it will defend itself. The company emphasized its confidence in the value it provides to both partners and consumers through its platform and services.
Since the claim was first revealed, over 250 estate agencies across the UK have shown interest and support. Newman described the response from estate agents as extremely encouraging and expressed optimism about the proceedings.
The UK property sector has faced challenges in recent years, including declining market demand and sales. These difficulties have been further aggravated by global events such as the ongoing Middle East conflict, which has contributed to higher costs and the risk of sustained higher interest rates.
The lawsuit is fully funded by Innsworth Capital and is backed legally by Scott+Scott UK LLP, ensuring the claimants have robust support as the case progresses.
Source Reuters
5th Jun, 2025
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