More than 40 separate estate agencies have agreed to join forces to fund litigation against Agents' Mutual, the owner of the property portal OnTheMarket.
The estate agents believe they were misled by Agents Mutual over promises made on joining that their subscription fees would always be equal to, or lower than, members who joined at a later date.
It has now been suggested that, instead, Agents Mutual have in fact been offering subscriptions at a much lower price, disadvantaging earlier members.
Consultant to the estate agency industry Iain White, who brought the Action Group together says the response to the group's call to action from estate agents has been astonishing.
"To achieve our target funding in less than a week is a remarkable testament to the widespread disenfranchisement felt by many Agents Mutual members," White says.
White says the OTM Action Group is now instructing Tollers LLP to act for the Action Group.
“However, this is just the beginning of the process, not the end. Many agents remain undecided about how to proceed and their support will add strength to the Action Group’s position,” White says.
Any businesses affected by these issues are invited to join the group action by 16 May.
Formed in 1877, Tollers LLP is a leading regional law firm with over 170 staff spread across 6 offices. Ian Carson, Partner, has previously acted for claimants in multiple group litigation actions.