Editor's note: This brief was summarised by The Property AI Newsroom from a report by The Negotiator. Read the original article for full details.

Rightmove Faces £2.3 Million Legal Costs Amid Class Action Lawsuit

Rightmove has disclosed that it expects to incur £2.3 million in legal costs this year following the launch of a class action lawsuit against the company. The legal claim, brought by former Competition and Markets Authority panel member Jeremy Newman, alleges that Rightmove charged excessive and unfair fees to estate agents listing properties on its portal.

According to Rightmove’s latest financial results, operating costs increased by 17%, rising from £66.3 million to £77.7 million. This increase includes £10.4 million in underlying cost rises and £2.3 million in legal and professional fees directly related to the proposed legal claim, partially offset by £1.3 million in lower share-based incentive charges.

The class action lawsuit is valued at £1.5 billion and has attracted a significant number of estate agencies to join the initiative. The Competition Appeal Tribunal has scheduled a court hearing for 2nd and 3rd November this year. Rightmove is expected to defend the claim and was required to submit its response to the legal claim by this week.

The outcome of this case may be of interest to UK letting agents and inventory clerks, as it centres on the fees charged for property listings on one of the UK’s largest online property portals.