1st Apr 2026 11:06
(Alliance News) - Rightmove PLC on Wednesday said it will "defend vigorously" a proposed class action claim filed against it, as estate agents accuse the firm of charging excessive fees.
The London-based online property portal confirmed it is aware of reports that an application to commence collective proceedings has been filed with the UK's Competition Appeal Tribunal.
Shares fell 6.8% to 399.80 pence in London after news of the class action emerged, giving the company a total market capitalisation of GBP3.04 billion.
Rightmove was the second-biggest loser in the FTSE 100, which itself was up 1.8%.
Rightmove said it remains "confident in the value we provide to our partners and consumers", adding that the claim is "without merit".
The CAT is a specialist judicial body whose function is to hear and decide cases involving competition or economic regulatory issues.
"As one of the most efficient parts of the UK housing market, we help people across the UK to move home by bringing buyers, sellers, renters, landlords and agents together," the company said.
The legal action is being brought on behalf of potentially hundreds of estate agents, who allege the company has abused a dominant position in the online property portal market.
According to the BBC, the claim seeks just under GBP1.5 billion in damages and centres on accusations that Rightmove has charged excessive and unfair subscription fees to estate agents and new home developers.
Jeremy Newman, the accountant leading the action and a former Competition & Markets Authority panel member, said to the BBC that agents have faced rising costs while receiving limited additional value.
Rightmove is one of the most profitable companies in the FTSE 100, with an underlying operating profit margin of 70% in financial 2025, and its platform accounts for roughly 80% of time spent on property portals in the UK, according to its own research.
Adding to today's volatility, shares have struggled more broadly, down 42% over the past 12 months.
By Eva Castanedo, Alliance News reporter
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