Summary
Estate agents in the UK are taking legal action against Rightmove, an online property listing site, claiming it charges excessive fees. The class action, led by accountant Jeremy Newman, seeks nearly £1.5 billion in damages. Rightmove denies the claims, insisting it offers valuable services to estate agents and consumers.
Key Facts
- Estate agents claim Rightmove charges "unsustainable" fees that have more than doubled in recent years.
- A class action is being led by Jeremy Newman, seeking just under £1.5 billion in damages.
- Rightmove is accused of abusing its dominant position in the online property portal market.
- The claim alleges excessive and unfair fees are charged to estate agents and home developers.
- Newman stated that rising fees are forcing estate agents to employ fewer staff due to cost pressures.
- Rightmove has a profit margin of around 70% and an 80% market share in property portal usage.
- Some estate agents report sharp rises in fees and struggle to compete due to financial constraints.
- Rightmove maintains confidence in the value it provides, citing its large audience and platform features.
