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The problem of Japanese Knotweed has been found to have wiped off at least £34 billion from UK property values.
Research carried out by tradespeople comparison site, HaMuch.com, looked at the value being wiped from UK property prices due to the nation’s growing Japanese knotweed epidemic and what this equates to for the average homeowner in different areas across the UK.
In just two months the Japanese housing horror will start to rear its ugly head again and by June it will have grown to over three metres.
It’s believed that at least five per cent of homes across the UK are affected by Japanese knotweed, knocking 10 per cent, or £23,530, off the average UK property’s value. With 29 million homes across the nation, that’s 1,450,000 properties impacted with a huge £34.12 billion wiped off in value.
The cost of dealing with Japanese knotweed is hefty and can run into tens of thousands of pounds for even a modest size garden, taking as long as five years to treat fully.
All the while, the average UK homeowner will see the value of their home slump by £23,530, this is, of course, higher in London (£47,546), the South East (£32,664), the East of England (£29,128) and the South West (£25,976).
With the highest house prices in the land, homeowners in Kensington and Chelsea stand to lose £119,162 on the price of their property if they find it has been infested with Japanese knotweed.
Westminster and Camden are the next largest price losses, facing a loss £93,860 and £86,280 respectively, while South Bucks is the home to the largest loss outside of London at £59,792, followed by Elmbridge (£59,673) and Chiltern (£54,617).
Founder and CEO of HaMuch.com, Tarquin Purdie, commented: ‘Knotweed is a homeowner’s worst nightmare and there really is no DIY fix for this aggressive backyard vandal. It can take months on end to ensure it has been properly disposed of but can be more costly should you decide to turn a blind eye.’
He concluded: ‘The quicker you can get on top of the problem, the better, as a house with knotweed will not only drop in value but will also struggle to find a buyer.’