A prominent north London estate agent has declared the traditional property portal model “on its last legs” as takeover speculation swirls around Rightmove.
Trevor Abrahmsohn, managing director of Glentree Estates and founder of OnTheMarket, believes artificial intelligence will transform how consumers search for property.
His comments come as US activist investor Sachem Head has reportedly built a 6% stake in Rightmove. The holding is worth hundreds of millions of pounds.
The investment has fuelled fresh speculation about Rightmove’s future ownership.
Sachem Head reportedly believes investors have overreacted to the threat AI poses to Rightmove. It also considers the portal’s shares undervalued.
The fund has reportedly encouraged Rightmove to use debt to finance further share buybacks.
Rightmove’s shares peaked at £8.18 in summer 2025. They subsequently fell to £4.10 in May this year and have recently traded at around £5.
‘The model is on its last legs’
Abrahmsohn believes the bigger question for agents is what AI means for the established portal model.
He said: “The digital portal model is on its last legs.”
Abrahmsohn argues that AI will increasingly allow consumers to find property without relying on traditional portal searches.
He believes that could eventually challenge the position of established portals and their relationships with estate agents.
Abrahmsohn said AI would “engulf” the traditional portal model and compared the potential disruption with technological changes that overtook companies such as Kodak and Polaroid.
He also questioned whether Sachem Head would remain a long-term Rightmove shareholder.
Abrahmsohn suggested the investor could benefit from a recovery in the share price before exiting its position.
His comments represent one view of how AI could reshape the portal market. Rightmove itself is investing heavily in AI and technology as it seeks to expand its role in the home-moving process.
The portal has also been buying back its own shares. Rightmove confirmed a further round of purchases earlier this month under the programme announced in July.
For agents, the developments come amid a wider debate about portal fees, competition and the future of online property search.
Rightmove remains the dominant UK property portal. However, the arrival of new AI-powered search tools is increasing scrutiny of the traditional listings model.
Now, the emergence of a major activist shareholder adds another layer of uncertainty over how Rightmove could evolve.
