how much does japanese knotweed devalue property

Whichever way you choose to deal with Japanese Knotweed, it’s important to bear in mind that lenders aren’t lending against property that has Japanese Knotweed (even if it is a few metres away). A report by the House of Commons Science and Technology Committee said banks are adopting an “overly cautious” approach to the issue, leaving homeowners unable to sell, even in cases where the invasive plant poses no practical threat. How Much Does Japanese Knotweed Devalue a Property? Only one … It is estimated that more than two per cent of development sites and 1.25 per cent of residential properties in Britain are affected by the plant, amounting to tens of thousands of sites in total. This isn’t to suggest that Japanese knotweed doesn’t damage buildings – it … Approximately 850,000 to 900,000 UK households are suffering an average reduction in value of around 10%, knocking almost £20 billion (£19.8 billion) off property values. Japanese Knotweed can devalue a property between 5 and 100%. Create a commenting name to join the debate, There are no Independent Premium comments yet - be the first to add your thoughts, There are no comments yet - be the first to add your thoughts. Report Sightings – join the fight against Japanese knotweed. Because of the costs associated with treating knotweed and the stigma attached to the plant it can impact property values, often by as much as 10-15 per cent. The advice to anyone with Japanese Knotweed is to have it treated by a professional company as soon as possible. It can even grow through concrete which can create cracks in brickwork, patios and other parts of homes. Watch out for Japanese Knotweed. Please be respectful when making a comment and adhere to our Community Guidelines. For most people in the UK, their home is their biggest asset and often the ‘pot of gold’ they are relying on in retirement, but Japanese knotweed is having a serious impact on values by deterring buyers and making homes difficult to sell, even if the knotweed has been successfully treated,” said Nic Seal, founder and manager of Environet. “House value halved due to presence of Japanese knotweed”. Insurance backed guarantees can be provided to restore the property’s value. The presence of Japanese knotweed has diminished the value of affected houses by 10 per cent, creating an average loss of £22,800 to property owners. It’s not against the law to have Japanese knotweed on your property, but inaction that allows it to spread to any surrounding land is an offence that could incur fines of up to £20,000 if you are a business. Are you sure you want to delete this comment? Japanese knotweed could decrease the value of a property from anywhere between 5 and 15 percent. It is estimated that up to 900,000 UK households are affected by the weed, which the Environment Agency describes as one of the ‘most aggressive, destructive and invasive plants’, Find your bookmarks in your Independent Premium section, under my profile. 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UNLESS you have an expensive treatment plan - and a 10-year guarantee - in place. New Covid strain: how dangerous is it, and could it hamper a vaccine? Chief Constable warns drivers considering flouting Scotland-England travel ban: 'Don't chance it'. We rely on advertising to help fund our award-winning journalism. PROPERTY CLINIC: Japanese Knotweed has been found in our neighbour's hedge, does it mean I won't be able to sell my home? Japanese knotweed can devalue a house between 5-15%, however, in some more extreme cases, the plant has been known to almost completely devalue properties. There have been cases where homes have been completely devalued as a result of severe infestations, however, these are rare occurrences currently. The committee contrasts the stance of UK lenders with that of European counterparts, finding that mortgage companies on the continent are far less risk-averse. When taken by mouth: Knotweed is POSSIBLY SAFE when taken by mouth short-term. The extent to which a property is devalued will depend on the severity of the infestation and the proximity of the Knotweed to … Start your Independent Premium subscription today. If you have two identical properties, but one is bright and airy while the other is … In the most dramatic instances, homes have been completely devalued as a result of severe infestations. Japanese knotweed can devalue a property between 5-15%. Tier 4 lockdown: What are rules and which areas are affected? That’s according to former President of the Irish Auctioneers and Valuers Institute Eamon Flaherty, who says that the plant can undermine the structural integrity of roads and buildings. You could also be at risk of prosecution if is spreads to any neighbouring properties. He warned: “DIY attempts at treatment will usually only make things worse and can even hasten the spread of the plant.”. Please continue to respect all commenters and create constructive debates. The most insightful comments on all subjects will be published daily in dedicated articles. Japanese knotweed knocks £20bn off value of UK property market, has knocked £20bn off the total value of the UK. Japanese knotweed is wrongly destroying the value of thousands of homes because mortgage lenders are relying on discredited scientific evidence, an investigation by MPs has found. What damage can Japanese Knotweed do to my property? You can also choose to be emailed when someone replies to your comment. It can even grow through concrete which can create cracks in brickwork, patios and … Norman Lamb MP, Chair of the Science and Technology Committee, said: It is clear that the UK’s current approach to Japanese knotweed is more cautious than it needs to be, especially when comparing it to that of other countries. Japanese knotweed | What is it and where did it come from? The extent to which a property is devalued will depend on the severity of the infestation and the proximity of the knotweed to the home. Want an ad-free experience?Subscribe to Independent Premium. There have been cases where homes have been completely devalued as a result of severe infestations, however, these are rare occurrences currently. We can survey the property and assess the risk. Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. You can find our Community Guidelines in full here. The pair had only lived in the new build property for a month when they found the weed growing first into their garden, then up through the floorboards into their dining room. One thought on “ The ‘features’ which could devalue your property…and how to fix them ” Jo Mullett January 29, 2019 at 7:47 pm. What damage can Japanese Knotweed do to my property? This is because knotweed can decrease property property prices by up to 20%. According to the latest Land Registry price index, the average UK house costs £228,000. The amount that a home is devalued by will depend on the severity of the infestation and its proximity to any buildings. The research also revealed a poor understanding of the legal and financial risks around knotweed. Japanese Knotweed can devalue a property between 5 and 100%. Unfortunately, when it comes to Japanese Knotweed, you stand a serious risk of having to sell your house at a massively discounted price, or even not being able to sell it at all. Independent Premium Comments can be posted by members of our membership scheme, Independent Premium. What exactly is the Pfizer vaccine, who will get it, and is it safe? It was first introduced to the UK in the mid-nineteenth century as an ornamental plant in parks and gardens, but has since become a nuisance. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. “We need an evidence-based and nuanced approach to the issue, one that reassures owners and buyers that they will not be subject to disproportionate caution when trying to sell or buy a property.”. There are many stories in the press, with similar headlines, that state Japanese knotweed is causing house values to be slashed by as much as a half. Environet estimates that Japanese knotweed now affects 4 – 5% of homes in the UK. Three to four cups of tea per day, each prepared with 1.5 grams of knotweed powder, have been used with apparent safety. Sellers are now required to inform future buyers whether the property is or has been affected by Japanese knotweed even if it the plant has been removed. Invasive Japanese Knotweed can damage the foundations of your home creating a risk of subsidence. 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