A petition calling for the UK's competition watchdog to investigate pricing practices at Rightmove PLC (LSE:RMV) has set alarm bells ringing for analysts.
Shaun Adams, the owner of independent agent Cooper Adams, launched a petition calling for the Competition & Markets Authority to investigate pricing practices employed by the FTSE 100-listed property website. The news was first reported by Property Industry Eye.
The petitioner views Rightmove as “abusing their dominant market position and engaging in anti-competitive behaviour” after being notified of an 18%-plus hike in fees.
Several other potential reasons for an investigation were detailed, including that the platform controls the majority of the UK property portal market, with fee discounts offered to larger agencies thus disproportionately impacting smaller independent agents, while lock-in tactics discourage competition and restrict market movement.
The petition has amassed over 650 signatures since opening on Monday.
Analysts at Citi said if an investigation is launched and the outcome impacts Rightmove's pricing strategies "we could see downside" to consensus forecasts.
This is because over 60% of the revenue growth to 2028 "is expected to be driven by pricing agents", the company had flagged at its November 2023 investor presentation.
Assuming flat average revenue per advertiser in the 2025 financial year, this would drive around a £25 million negative impact on consensus revenues, around 7% of the total, Citi said, all else being equal.