Kerfuffle PropTech Briefing

Week of 4 May 2026 | UK Estate Agents Edition

This Week, In a Simon-Shaped Nutshell

Well hello! I'm pleased to say it's been a properly busy seven days in our world. The Renters' Rights Act has finally gone live, Rightmove is staring down the barrel of a 1.5 billion pound legal claim, the Bank held rates again, and the AI tooling for agents has shifted from "interesting demo" to "actually doing the job". Lots on - but all of it actionable.

The headline takeaways:

• Phase 1 of the Renters' Rights Act 2025 commenced on 1 May. If you manage lets, you have until 31 May to hand the official Information Sheet to every tenant -- or risk a GBP 7,000 fine.
• A GBP 1.5bn class action against Rightmove has been filed in the Competition Appeal Tribunal, with around 250 agencies already behind it. Their share price wobbled 6% on the news.
• Bank of England held the base rate at 3.75% for a third consecutive meeting. Five-year fixes have crept down to a touch above 4.3% on the best deals.
• Street.co.uk's Cortex, Home.co.uk's Inigo and Reapit's RAI are turning AI from chatter into real workflow -- and 52% of agents now plan to adopt AI tools this year.
• Across the pond: Real Brokerage has agreed to buy RE/MAX, creating a global, tech-led network of 175,000+ agents. Worth a look -- that's where the puck is going.

Let's keep our eyes on it!

This Week's Cards

Renters' Rights Act: The Clock Is Ticking

Phase 1 of the Renters' Rights Act 2025 went live on 1 May 2026, ending Section 21 'no-fault' evictions and ushering in periodic tenancies, annual rent-rise limits and a ban on rental bidding. Government has now published the official Information Sheet, and every landlord -- or their managing agent -- must hand it to tenants by 31 May. Miss the deadline and the fine is up to GBP 7,000 per breach. The guidance is clear: a link in an email or text doesn't count -- the actual PDF must be delivered. There's also a fresh ban on discriminating against tenants with children or on benefits, and a 28-day window to respond to pet requests.

Why it matters: every letting agent in the country has a near-term compliance task with teeth. This is your number-one priority over the next four weeks.

Sources: GOV.UK | Letting Agent Today | Goodlord | Lexology

Rightmove Hit With GBP 1.5bn Class Action

Lawyers acting for around 250 estate agents and new-build developers have filed a 1.5 billion pound claim against Rightmove in the Competition Appeal Tribunal. The case, fronted by former Competition and Markets Authority panel member Jeremy Newman, alleges Rightmove abused its dominant position by charging 'excessive and unfair' subscription fees over several years. Rightmove has called the claim 'without merit' and says it will defend it vigorously -- but the share price still dipped around 6% on the news. Agents who've ever subscribed to Rightmove are likely to be eligible class members on an opt-out basis.

Why it matters: whatever you think of the case, this is a multi-year reset of how the dominant portal's pricing gets scrutinised. Watch the CAT proceedings closely -- and make sure you understand whether your agency is in or out.

Sources: Estate Agent Today | The Negotiator | LBC News | One Essex Court

Base Rate Held at 3.75% -- Mortgage Market Steadies

The Bank of England held the base rate at 3.75% on 30 April 2026 -- the third consecutive hold. Best-buy five-year fixes are now hovering around 4.35%, putting a GBP 200,000 mortgage at roughly GBP 996 a month over 30 years. Halifax data shows the average UK house price slipped 0.5% in March to GBP 299,677, and Land Registry figures put annual growth at 0.8% in England, 2.5% in Wales, 2.3% in Scotland and a chunky 7.5% in Northern Ireland. The Capital Economics view is that price growth could quietly accelerate towards 3.5% by Q4 -- ahead of consensus. Mortgage approvals were 63,531 in March, basically flat year-on-year.

Why it matters: the market isn't crashing, it isn't booming -- it's grinding. Buyers are picky, transactions are slow, and the agents who win are the ones with cleaner pipelines and sharper pricing conversations.

Sources: Bank of England | MoneySavingExpert | Halifax HPI | Land Registry | Capital Economics

AI Has Quietly Crossed The Line

This is the week the AI conversation stopped being theoretical. Street.co.uk's Cortex (GBP 149/mo entry tier) can now write personalised emails to every contact in your database, handle the replies, update records, and even book viewings on its own. Home.co.uk's Inigo turns 30+ years of UK property data into a conversational layer for instructions and pricing. Reapit's RAI suite is in phased rollout, while Iceberg Digital is pitching a full AI 'operating system' rather than a CRM. Latest research: 52% of agents plan to roll out AI tools this year, climbing to nearly 9 in 10 among the larger firms -- and two-thirds expect to use AI for AML and compliance.

Why it matters: this is the year of the AI-assisted agent. The people who set up the workflows now will spend H2 winning instructions while everyone else is still in 'evaluation mode'.

Sources: Estate Agent Today | The Negotiator | Street.co.uk | home.co.uk | Reapit

OnTheMarket Closes The Gap on Zoopla

Independent leads-management data this week shows OnTheMarket -- owned by CoStar since 2023 -- overtaking Zoopla on lead volume for some agencies for the first time. Rightmove still commands roughly 86% of UK portal traffic, but the OTM 'Only With Us' early-listing window (24+ hours ahead of the other portals) is starting to bite. CoStar's broader investment in product, data and Homes.com-style consumer experience is showing up in agent reports.

Why it matters: if you're paying for two portals as a default, it's worth re-running the numbers on your three-portal mix. The cost-per-lead question has genuinely shifted in the last six months.

Sources: The Negotiator | Online Marketplaces | OnTheMarket | CoStar Group

PropTech Funding: OneDome and Dwelly Lead The Quarter

UK PropTech funding is having a moment. OneDome, the housing-and-fintech platform run by EY Entrepreneur of the Year shortlistee Babek Ismayil, just closed a GBP 25m pre-Series C, taking total funding to GBP 40m on the back of reported 15,500% revenue growth since 2022. Lettings platform Dwelly raised around GBP 69m in blended equity and debt led by General Catalyst. Beauhurst's latest league table shows the UK's top 100 PropTechs have now collectively raised GBP 2.28bn -- with London hosting 64 of them. The PropTech Innovation Fund (Round 6, run with PUBLIC) has also opened for up to 12 council-led pilots.

Why it matters: the suppliers serving you are getting better-funded and faster-moving. Expect more product launches, more acquisitions, and -- if history is any guide -- some tidy consolidation by year-end.

Sources: FintechFutures | Estate Agent Today | Beauhurst | Local Digital | UKTN

Overseas Watch: Real Brokerage Buys RE/MAX

Big news from across the Atlantic: Real Brokerage has agreed to acquire RE/MAX, creating a tech-enabled global real estate platform with co-headquarters in New York and Denver. The combined business will retain the RE/MAX consumer brand, but agents will operate on Real's unified, AI-enabled tech stack -- putting somewhere in the order of 175,000 agents on a single platform. Meanwhile, the ICSC PropTech Forum hits Las Vegas (18-20 May) and India's Aurum PropTech has logged its second consecutive profitable quarter, with full-year revenue up 49% to roughly USD 45m.

Why it matters: brand on the front, common tech on the back. That's the model UK networks will quietly study -- and likely copy -- over the next 12-18 months.

Sources: Propheadlines | ICSC | Online Marketplaces | Aurum PropTech

KCon 2026: 'Built on Trust' -- 7 July, ICC Wales

Tickets are moving for KCon 2026 -- our annual gathering at ICC Wales in Newport on Tuesday 7 July, 8am to 5pm, with an after-party that will be talked about (politely) for years. The theme this year is Built on Trust, and we've deliberately gone outside the property bubble for our headliners -- including a former MD of Porsche GB (at 33!) and a former press secretary to Tony Blair, now co-host of The Rest Is Politics. There'll also be a packed PropTech expo, hands-on AI demos, and the supplier deals you only get if you're in the room.

Why it matters: one day, properly invested in your business, with the suppliers and operators reshaping the next 12 months. If you only do one industry event this year, make it this one.

That's your lot for this week -- a lot to digest, but every story above has a clear next move. Stay sharp, look after each other, and as always: shout if there's anything we can help you cut through.

Simon and the kerfuffle.com Team x