Innsworth Capital backs potential $1.34 billion competition claim against Rightmove

Innsworth Capital is financing a major opt out competition claim against Rightmove that could seek up to $1.34 billion in damages on behalf of estate agents across the United Kingdom, marking one of the most significant proposed collective actions to emerge from the UK property and online platform sectors. The prospective lawsuit, led by Jeremy Newman, a former member of the UK Competition and Markets Authority’s policy panel, alleges that Rightmove used its dominant position in the digital property listings market to impose fees on estate agents that were excessive, unfair, and disconnected from the value delivered.

The claim group intends to pursue collective redress through the Competition Appeal Tribunal, relying on a model that has already reshaped the UK’s approach to mass market competition claims. Newman said the action aims to recover alleged overcharges and reset the balance of power between the portal and estate agents who depend on the platform for visibility in a highly competitive marketplace. If certified, the claim could represent thousands of agencies that would be treated as part of the class unless they opt out.

Rightmove confirmed it has received notice of the potential action but defended its pricing approach, saying it remains confident in the value delivered to its commercial partners.

The legal team assembled for the prospective action includes Scott+Scott UK, competition silk Kieron Beal KC of Blackstone Chambers, and economic analysts from Kairos Economics.