Should I buy a house with Japanese knotweed? This is a question most residents looking into buying homes think about now that the awareness of the invasive plant species is raised. You ought to be aware that British homeowners got plagued by Japanese knotweed that led to the drop of the home prices by £20 billion. This new research by the Environment UK, a Japanese knotweed removal company revealed that between 4% to 5% of properties are directly destroyed by the knotweed. Environet UK considers more than 20 years it has been dealing with invasive knotweed. The firm estimates that 850,000 to 900,000 homeowners in the UK will have the values of their properties slashed by 10% accounting for a £19.8 billion knock off the values. In the 1850s, the Japanese knotweed was introduced into the UK as an ornamental plant but it is now on top of the Environment Agency’s list of the most invasive plant species in the UK. Knotweed is described as indisputably the most aggressive, aggressive and invasive plant in the UK.
The invasive knotweed rapidly spreads, damaging buildings and conservatories as well as blocking drains and ruining brick paving and concrete drives. When people learn that lenders are likely to reject mortgage applications for buyers of infested properties when there’s no professional knotweed management plan they always wonder, “should I buy a house with Japanese knotweed?“.
Besides learning of the how lenders treat the condition of properties, you should know that it sellers are required by the law to inform you as a potential buyer if the property has a knotweed problem. Commenting on the matter, the managing director of Environet says that the Japanese knotweed is a problem that just keeps growing and constantly affects the property sector. Most of the UK homeowners consider their home one of the biggest investments, often a ‘pot of gold’ that they rely on for retirement. The knotweed, however, is seriously impacting on the values of the homes by deterring buyers as well as making homes difficult to sell. The issue persists even when the invasive knotweed has been treated successfully. One of the escalated cases has had landowners being sued for allowing Japanese knotweed to encroach on to neighbouring properties. These high-profile cases have also highly sensitised the general public on the destructive nature of the Japanese knotweed to homes and house prices. A solicitor at Cobley’s Solicitors who specialise in Japanese knotweed litigation, Mark Montaldo added some comments in the matter. Montaldo said claims for about 10% of the value of the property are made in legal cases relating to diminution. Mark felt the stigma attached to knotweed impacting on property future sale price is much to blame. If you have a property affected by the knotweed, you should enlist a removal firm as soon as you can and acquire a 10-year insurance-backed guarantee for the work.