Japanese knotweed wipes £13bn off value of houses
THE blight of Japanese knotweed has wiped around £13billion off the value of the British housing market, plant experts have warned.
Around 900,000 homes are affected by the non-native plant, with notable hotspots in Bolton, Bristol, London, NorthWales and the Isle ofWight.
Its powerful root system can cause structural damage to buildings, driveways, drains and walls, as well as spread to neighbouring properties.
Nic Seal, of invasive plant specialist Environet UK, said: “The real menace arises when people come to buy or sell an affected property, since you’re required by law to disclose if a property has or has had knotweed.
“Even if it’s been dealt with, the ‘knotweed stigma’ can knock thousands off the price buyers are willing to pay. It’s extremely stressful.”
Japanese knotweed leaves are shovel-shaped with a point at the tip and staggered on the stem, creating a zig-zag stem growth pattern.
Alien species, which are moved from their natural range to other parts of the world by humans either intentionally or unintentionally, are increasing globally, researchers say.
Jeniffer Holmes, of Japanese Knotweed Ltd, said: “We receive hundreds of inquiries from worried homeowners asking us to identify knotweed. We do not foresee this level of inquiry will decline going into 2023.”
Erin Shott, of Plantlife Scotland, said a number of invasive non-native plants are of concern because of their ability to spread vigorously.
These include giant hogweed, Himalayan balsam, rhododendron ponticum and New Zealand pygmyweed.
Erin said: “Rhododendron ponticum has spread like wildfire in many woodlands and is currently choking out more than half of Scotland’s temperate rainforest.
“Giant hogweed and Himalayan balsam challenge vulnerable wild plant communities on road verges due to these invasive plants’ ability to outcompete more sensitive species.”
The best way to eradicate these is through prevention, with strict import policies and better awareness of the problem of “garden escapees”.
Erin said: “Many non-native plants get their start as garden ornaments and spread to the countryside.” For help to dispose of an invasive plant, contact the Environment Agency.”
THE typical cost of a home has hit a record £371,158 – but some first time buyers are sitting on their hands as mortgage rates surge.
The average asking price has risen by £3,398 month-on-month, according to Rightmove, which said shortages of properties for sale are continuing to underpin prices.
Buyer demand has been up by 20 per cent compared with 2019 levels but it is 15 per cent lower in the past two weeks than in the same fortnight last year.
This figure for first time buyers is a fall of 21 per cent, although still 24 per cent higher when compared with 2019.
Bank of England base rate rises have been pushing borrowing costs up in recent months and mortgage rates jumped significantly higher after the mini Budget.
Rightmove data boss Tim Bannister said: “Some aspiring first time buyers will have had their plans dashed by the rate rises, and now face a difficult situation with rents also rising and a shortage of available homes to rent.
“Buyer demand was already starting to soften and higher interest rates were anticipated but they have been brought forward sharply due to market uncertainties.”
He added: “It’s understandable that some new movers who have the option to wait may want a clearer view than they’re getting right now before they proceed with a major purchase.
“With uncertainty over where mortgage interest rates will go, those who can still afford to proceed may decide that waiting too long could come at an even higher cost than taking action now, especially if the level of demand continues to outstrip supply and supports prices.”
Estate agents are also reporting that buyers are rushing to complete before their lower fixed-rate mortgage offers expire, Rightmove added.
Mr Bannister said: “New sellers coming to market in the month have been pricing strongly and the number of homes that were already on the market seeing a reduction in price is below the long-term average.” Matt Powell, a branch manager at Royston and Lund estate agents in Nottingham, said: “Some buyers are re-evaluating their borrowing options quickly and while we haven’t seen the appetite to buy dwindle too much, some buyers’ ability to proceed has been thrown into question.
“Demand is still outstripping supply. So as long as properties are priced correctly, activity levels are still strong.”