Rightmove’s share price dropped more than 10% yesterday, before regaining some lost ground.

The drop followed the news that a £1.5billion legal action had been filed against Rightmove in the Competition Appeal Tribunal.

Sharp fall

Just before 10am yesterday morning, the property portal’s share price hovered above the 430p mark, having started at the 8am opening of the financial markets at 434.20p.

From a high of 436.90p at 8.10am, its share price fell to a day’s low of 392.80p at 10.20am. It is the equivalent of a 10.09% drop in its share price.

Legal action

The legal claim alleges that Rightmove abused is position as the dominant property portal and charged estate agents “excessive” and “unfair subscription fees”.

Throughout yesterday, the news that Rightmove had a legal claim against it spread across national media outlets.

The action was brought by Jeremy Newman, (pictured), a former panel member of the Competition and Markets Authority and a director of the Clarion Housing Group.

Rightmove received a pre-action letter informing them of the imminent legal action in November last year.

More than 250 estate agencies from across the UK are understood to have expressed interest in and support for the claim since it was first announced.

Rightmove has consistently reported a profit margin of around 70%, making it one of the most profitable companies in the FTSE 100.

The company’s own consumer research suggests it has an 80% share of time spent on property portals.

Rightmove’s response

In a statement to the London Stock Exchange, Rightmove said: “Further to our announcement of 13 November 2025, Rightmove confirms that it is aware of reports that an application to commence collective proceedings against Rightmove has been filed with the Competition Appeal Tribunal.

“Rightmove is confident in the value we provide to our partners and consumers, who are at the core of our  business solutions and digital platform.

“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.

“Our platform continues to provide a growing range of constantly evolving products and features which facilitate market transparency, liquidity and confidence.

“This claim is without merit, and we will defend it vigorously.”