IT’S ONE of those knotty problems that could be a dealbreaker when it comes to buying a house. And it’s something that research suggests people will keep a secret if they can.
Japanese Knotweed Specialists says half of homeowners in the South East would consider concealing the presence of Knotweed when selling their property.
The figures came out of a national survey of 3,000 homeowners, the largest of its kind in the UK. The national average is 49%.
Japanese Knotweed can cause significant damage to buildings and infrastructure and if left untreated, decrease property values and make it difficult to sell or insure a home.
In some instances, properties with Japanese Knotweed can be down-valued by up to 30% less compared to properties without it.
Japanese Knotweed Specialists said that the average property value in the south east is £398,368, and that reduction could see a potential loss of £119,510.
Managing Director of the firm, Adam Brindle, said: “Given that Knotweed can be complicated and costly to remove, it is understandable that some people would be nervous about it when trying to sell their home.
“However, property owners should be transparent early on about the presence of Japanese Knotweed, or any other invasive species like Bamboo, and take steps to eradicate it before selling.
“With tougher lending conditions and a softening housing market, it’s essential that you put your house on the market in the best possible light. A buyer and mortgage lender would much prefer a property that has had the Knotweed professionally treated or excavated with a PCA approved guarantee in place.
“Not only will this course of action prevent potentially expensive legal cases and delays, but it will also maximise the value of your property.”
There are legal consequences of pretending the issue doesn’t exist.
David Harvey of House Partnership said: “The real cost of deliberately concealing Knotweed when selling a property, lies in the potential legal ramifications of doing so. This was highlighted in a recent case where a homeowner faced legal bills in excess of £200,000 after being successfully sued by their buyer for not disclosing the presence of Knotweed.
“Our advice would be to have a plan for the eradication, to be presented to the buyer, ideally before placing your property on the market.”
To avoid these issues, property owners should seek advice from professionals on how to properly disclose and address Japanese knotweed when selling a property. It is always recommended to have a professional survey and treatment plan in place before selling a property with Japanese knotweed to avoid any future problems.
For more information, log on to: www.japaneseknotweedspecialists.com/japanese-knotweed-removal
