Investing.com — shares fell over 6% on Wednesday after a class action lawsuit seeking £1.5 billion in damages was filed against Britain’s dominant property portal, accusing it of overcharging estate agents for years.
Shares in the FTSE 100 company hit a session low of 392p, down almost 10% from the open, before paring losses to trade around 399p, giving the company a market capitalisation of roughly £3.3 billion.
The claim, filed with the Competition Appeal Tribunal by accountant and former Competition and Markets Authority panel member Jeremy Newman, alleges Rightmove abused its dominant position in the online property portal market by charging thousands of estate agents and new home developers excessive subscription fees.
In a statement to the London Stock Exchange, Rightmove confirmed the filing and said the claim was “without merit.”
The company said it would “defend it vigorously,” adding it was “confident in the value we provide to our partners and consumers.”
The RNS statement noted the filing followed the company’s earlier disclosure of November 13, 2025, when it first flagged the potential proceedings.
Newman told the BBC, which first reported the story, that agents were “having to employ fewer people” because of rising fees, and that Rightmove was “exploiting a self-evident dominant market position.” A letter of claim seeking just under £1.5 billion in damages has been sent to the company, the BBC reported.
Rightmove, which consistently reports profit margins of around 70% and commands what its own research suggests is an 80% share of time spent on property portals in Britain, said its platform “continues to provide a growing range of constantly evolving products and features which facilitate market transparency, liquidity and confidence.”
Several agents told the BBC their fees had more than doubled in recent years. One London-based agent described the increases as “unsustainable.”
An agent in Northamptonshire said he pays more than £5,000 a month for a basic membership covering 30 to 50 properties, the equivalent, he said, of two full-time staff salaries.
Not all agents oppose the platform’s pricing. One Midlands-based agent defended Rightmove as offering “value for money,” noting 80% of his leads came from the site.
Rightmove shares had already shed roughly 25% since the start of the year before Wednesday’s drop, reflecting sustained pressure on the stock since a takeover approach by Australian portal REA Group collapsed in late 2024.