The UK estate agency industry is at breaking point. While the government reports inflation at just 2.5%, Rightmove has hit some estate agents with reportedly in one case, an eye-watering 18% increase in fees - without adding any meaningful value to their service.
For most independent agents, this means an extra £300 per month or nearly £4,000 per year - just to maintain access to the same platform they've always used. In an industry already squeezed by falling commissions, shrinking transaction volumes, and rising competition, this is a step too far.
The Reality of Rightmove's Stranglehold on the Market
Rightmove is one of the most profitable companies on the FTSE 100, running at a staggering 73% profit margin. While independent agents struggle to keep their doors open, Rightmove continues to push aggressive price increases without offering improved service or additional value.
At the same time:
- Estate agency fees have fallen dramatically. In 2011, the average fee was 1.8% of the sale price — today, it's below 1%.
- People are moving home less frequently. In the 1980s, the average person moved house every ten years — today, it's every 21 years.
- The number of estate agents has increased over 20% since 2018. More agents are now chasing fewer listings while also being forced to lower fees to stay competitive.
- Worryingly, Forvis Mazars reports 32% increase in number of agents going bust!
All the above means less revenue, more competition, and fewer transactions - yet despite this, Rightmove keeps pushing up costs, draining the industry's resources and driving smaller agents out of business.
A Monopoly That's Harming the Industry
Yet, Rightmove's grip on the market isn't just affecting estate agents we believe it's actively harming the entire property transaction process. Here's why:
- No support for faster transactions: Despite controlling the largest property portal in the UK, Rightmove has done very little over recent years to help speed up property transactions. In fact, we have it on good authority from Land Registry that they're refusing to display Material Information against properties unless it is both "free and complete," leaving agents legally exposed to Trading Standards compliance issues. Worse still is the arrogance of a portal dictating that providers have to hand over valuable information for free, whilst they actively take agents property listings for free and sell it back to them at a whopping 70%+ profit margin!
- Blocking innovation: The dominance of Rightmove stifles competition, making it nearly impossible for innovative services that could genuinely help the industry to gain traction.
- Discriminatory pricing: Reports suggest that fees are not evenly applied, with independent agents being charged disproportionately more based on size, location, or success — a practice that desperately needs full transparency if rumours are true that corporate agents are paying substantially less than independents.
Time for Change: Sign the Petition Today!
Because of these unfair practices in the estate agency profession by this singular, dominant supplier, WiggyWam are launching this petition to:
- Demand complete transparency in Rightmove's pricing structure.
- Call for a freeze on excessive annual price increases and hopefully a reduction in the fees charged to agents.
- Hold Rightmove accountable for helping improve property transaction speed and compliance.
- End unfair pricing models that penalise independent agencies.
This isn't just about estate agents - it's about the future of the UK property market. If we don't stand together now, independent agents will continue to be priced out, leading to less choice for sellers and buyers, slower transactions, and an industry monopolised by corporate giants.
Let's make March 30th, 2025, our industry's Independence Day from Rightmove. Sign the petition today and take control of your future!