The plant is renowned for striking fear into the hearts of home owners. Many vendors have been left stranded, unable to sell their property, as lenders are reluctant to provide loans on properties potentially affected.
Japanese knotweed can grow up to three metres in height in just 10 weeks, taller than a British red telephone box. It is notorious for causing damage to pavements and walls and has left surveyors and lenders across the country unsure of how to measure its impacts and risks to properties.
As a result, some home owners are experiencing difficulties in securing loans when there is no evidence of damage to the property, or where the plant is in a neighbouring garden and not on their land, it has found.
Now RICS has provided the country’s first cross industry approved advice in order to encourage banks to lend to such properties.
‘There is a real lack of information and understanding of what Japanese knotweed is and the actual damage it can cause. Because of this, some buyers have been left disappointed and home owners bereft and unable to get the finance they need to sell and buy their dream home,’ said RICS global residential director Peter Bolton King.
‘At a time when it is essential to encourage lending to keep the housing market moving, we hope this information will provide the experts with the tools they need to make clear and accurate decisions on the real impact of Japanese Knotweed and who and how much to lend,’ he added.
The RICS information paper Japanese Knotweed and Residential Property, is supported by the Council of Mortgage Lenders and the Building Society Association and aims to help lenders and surveyors accurately assess the risk caused by knotweed. It classifies the risk into four tiers.
Using RICS advice and the risk classifications surveyors and lenders will be able to make more accurate decisions on if and how much finance can be offered.
Home owners and occupiers faced with Japanese knotweed can eradicate the plant by hiring dedicated contractors who treat it with specialised chemicals. Roots can grow as deep as three metres, so it may need to be treated over several seasons to die.
RICS pointed out that many contractors provide their clients with certification to demonstrate that the Japanese knotweed has been effectively treated and no longer exists on or close to the property to reassure future buyers and lenders.