Japanese Knotweed is a weed like plant that is can be destructive to buildings and notorious for being hard to kill. In the past and until the day of wring this article it’s been almost impossible to get a mortgage on properties affected by Japanese knotweed by major UK lenders. Now that is about to change !

Royal Institute of Chartered Surveyors (RICS) is a globally recognised institution that enforces highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. Through research and better understanding of Japanese Knotweed RICS has come up with the new guideline (which comes into force in March 2022) on how to assess the valuation of a property affected by the plant.  They have concluded that the damage by the plant to more stable and solid buildings such as houses is not as severe as previously perceived.

This is a good news to both buyers and sellers of a property that have Japanese knotweed at or around the property. Gradually mortgage lenders will start accepting mortgage on such properties, which means sellers do not have to loose; in some cases up to 15% of the value of the property; and buyers will be able to get a mortgage and buy the property.

Source: HomeOwnersAlliance