Japanese knotweed wipes £21.4bn off UK property values, finds Environet – The Intermediary

Japanese knotweed has wiped around £21.4bn from UK property values, with over 1.5 million homes affected, according to research from Environet. 

The study showed 7% of homes were hit by knotweed, lowering average values by about 5%, or £13,500 per property.

Separate research by Environet and YouGov showed almost a third of British adults would not buy a property affected by knotweed under any circumstances, while 31% would consider it if there was a professional treatment plan and a discount on price.

Emily Grant, director at Environet, said: “For most people, their home is their biggest asset, yet over 1.5 million households are seeing their property value undermined by knotweed. 

“Despite the fact knotweed is now much better understood than it was a few years ago, and many people are now quite pragmatic about it, a significant proportion of buyers still won’t touch an affected property under any circumstance.

“As a result, we’re seeing a clear shift towards permanent removal of knotweed, particularly where a sale is on the horizon and the priority is preserving value and avoiding delays.”

Grant added: “The key for homeowners is early identification and professional management. 

“With the right management plan and guarantees in place, the impact on value and saleability can be managed. 

“Ignoring the problem or attempting a DIY removal will almost always cost more in the long run.”

Andrew McColl, chairman of the Residential Property Surveyors Association, said: “Discovering Japanese knotweed can have significant financial implications, as removal and management plans are often costly and may require anywhere from five to ten years to fully implement. 

“By ensuring you have accurate information before exchanging contracts, you can better anticipate and mitigate these expenses and potential complications, particularly those that may arise when dealing with lenders.”