Accountant launches class action lawsuit against Rightmove

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An accountant has launched a class action lawsuit against Rightmove, claiming the property website has charged estate agents excessive and unfair subscription fees. Jeremy Newman, who used to be a panel member of the Competition and Markets Authority, is seeking damages of up to £1.5bn on behalf of hundreds of agencies. Rightmove’s own research shows the site has an 80% share of time spent on property portals. It also enjoys a profit margin of roughly 70%. But the lawsuit will have to prove that the rises in fees are not justified by the service it provides. Rightmove says on its site that it gives “access and brand exposure to the UK's largest and most engaged home-moving audience”, and told the BBC it was “confident” in the value it gives to its partners and consumers. Yesterday, shares in the firm fell by nearly 9%.