A company that treats Japanese Knotweed has made startling claims about the extent of the problem across the UK.
Environet claims that Japanese Knotweed now affects between four and five per cent of homes in the UK.
And it also claims that a home with the problem suffers an average reduction in value of around 10 per cent, knocking almost £20 billion off property values.
The company has now created an online tool which, through the use of algorithms, tells users the alleged loss of value of a home.
Environet claims that for those negotiating the sale or purchase of a property with Japanese Knotweed, the tool “provides a sensible framework for price negotiation considering the unique facts of the case.”
A statement from the firm continues: “Sellers are better able to determine if it’s financially worthwhile to have the knotweed professionally treated before selling the property, whilst buyers are in a stronger position to negotiate a lower price that is both accurate and fair.”
According to company managing director Nic Seal: “Lending practices for properties with Japanese knotweed are in urgent need of review, considering all that’s usually required is a professional treatment plan to deal with the problem and a sensible readjustment of the price.
“In reality, properties with knotweed are worth on average around 10 per cent less than an unaffected property, which reflects the cost of treatment and the so-called ‘knotweed stigma’.”