Rightmove shares hit five-year low amid anger over fee hikes

Marketing Home/Latest property news/Marketing/Rightmove shares hit five-year low amid anger over fee hikes Rightmove shares hit five-year low amid anger over fee hikes

The portal's share price reached a high last year before nosediving after it revealed it planned to spend £60 million on AI development.

13th Feb 20262 1,360 1 minute read David Callaghan

Rightmove’s share price has fallen further this week to a new five-year low after a 15% drop in the last month.

The latest valuation of the portal’s share put it at £4.37 compared to £6.35 in 2021, a fall of around 30%.

There were similar low points in 2022 and 2023, and the price recovered, reaching a high point of over £8 in August last year.

Plummeted

But it plummeted in November following its latest trading update which revealed it is planning to spend £60 million over three years on AI and product development that would impact profits.

It forecasted 8–10% revenue growth and 3–5% profit growth this year as it moves through what it calls an “investment phase”. The additional spending, it said, would support “double-digit profit growth” in later years.

And the portal is due to publish its full-year results later this month.

Agent warnings

Last week, independent agents warned they will go out of business if Rightmove ploughs ahead with proposed fee increases of up to 18% this year.

And it is already facing a group legal action seeking to recoup “excessive and unfair fees”.

The question people might now ask is whether Rightmove’s AI spending plans are an offensive or defensive move.”

Dan Coatsworth, Head of Markets, AJ Bell

Dan Coatsworth, Head of Markets at AJ Bell, says: “It’s no coincidence that Rightmove’s shares have been in steady decline since announcing last November it would make AI-related investments.

“A year earlier, any mention of AI would have been cause for celebration. Now it’s a suggestion that Rightmove is having to move with the times, and investors are jittery about companies spending on tech,” he says.

“The question people might now ask is whether Rightmove’s AI spending plans are an offensive or defensive move.”

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Tags#SayNoToRightmove movement Rightmove 13th Feb 20262 1,360 1 minute read David Callaghan Share Facebook X LinkedIn Share via Email