Rightmove Plc experienced a notable share decline on Wednesday after a class action alleging systemic overcharging was formally filed against the company. The claim, which seeks just under £1.5 billion in damages, was submitted to the Competition Appeal Tribunal and has prompted a sharp market reaction.
Shares in the FTSE 100-listed portal touched a session low of 392p, representing nearly a 10% drop from the opening level, before trimming losses to trade around 399p. At that level the company’s market capitalisation was approximately £3.3 billion.
The litigation was brought by Jeremy Newman, an accountant and former member of a Competition and Markets Authority panel. The claim accuses Rightmove of abusing its dominant position in the online property portal market by charging excessive subscription fees to thousands of estate agents and new home developers.
In a regulatory statement to the London Stock Exchange, Rightmove confirmed the claim had been filed and described it as "without merit." The company said it would "defend it vigorously" and expressed confidence in "the value we provide to our partners and consumers." The RNS filing noted that the submission of the claim follows an earlier disclosure on November 13, 2025, when Rightmove first warned of potential proceedings.
Jeremy Newman told the BBC that rising fees were forcing agents to "employ fewer people," and accused Rightmove of "exploiting a self-evident dominant market position." According to the BBC report, a letter of claim seeking just under £1.5 billion in damages has been sent to the company.
Rightmove pointed to its historical financial performance and market position in defending its pricing and product mix. The company consistently reports profit margins of around 70% and, based on its own research, says it accounts for about 80% of time spent on property portals in Britain. Rightmove also described its platform as providing a growing range of products and features intended to support market transparency, liquidity and confidence.
Industry reaction among estate agents has been mixed. Several agents told the BBC that fees had more than doubled in recent years, with one London-based agent labelling the increases "unsustainable." A Northamptonshire agent said he pays more than £5,000 a month for a basic membership listing 30 to 50 properties, an amount he equated to the cost of two full-time salaries. By contrast, a Midlands-based agent defended Rightmove’s pricing as "value for money," noting that 80% of his leads come from the site.
Rightmove shares had already fallen roughly 25% since the start of the year prior to Wednesday’s decline, reflecting ongoing pressure on the stock following the collapse of a takeover approach by Australian portal REA Group in late 2024.
The filing of the class action and the company’s response set the stage for a protracted legal process and leave unresolved questions about potential financial exposure and the wider impacts on estate agents and the online property portal market.