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Japanese knotweed saves £11.8billion off property values  

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Japanese knotweed is responsible for shaving £11.8billion off the value of Britain’s property market, new research by a removal specialist claims.

As many as 4 per cent of British homes are affected by the invasive plant – either on the property itself or on a neighbouring property.

The invasive plant makes homes significantly more difficult to sell as buyers can struggle to secure a mortgage on a property where it is found.

However, Britain’s biggest mortgage lenders told us that is possible to get a mortgage for a home affected by knotweed, but conditions may be imposed.

Japanese knotweed is an invasive plant that makes a property significantly more difficult to sell as buyers

Japanese knotweed is an invasive plant that makes a property significantly more difficult to sell as buyers

Japanese knotweed on a property reduces its value by an average of 5 per cent, according to the figures from removal specialist Environet.

It used that to estimate that with 890,000 households across the county are being hit by a typical reduction of value of £13,200 due to knotweed, this equated to £11.8billion in total.

The plant can be stopped from spreading – although this process can be costly, at around £2,500 for a 10sq m area for a herbicide treatment or £5,000 for a 10 sq m for an excavation.

Environet claims that removing the root system from the ground is the only way to deal with Japanese knotweed decisively with minimal change of regrowth.

It said that despite the lower costs, herbicide treatment is increasingly recognised as a control method only. 

This is because above-ground growth can disappear, but the root system beneath the ground is often induced into dormancy meaning it’s capable of regrowing in the future – particularly if the ground is disturbed by landscaping or building work. 

Environet says removing the root system from the ground is the only way to deal with Japanese knotweed decisively with minimal change of regrowth

Environet says removing the root system from the ground is the only way to deal with Japanese knotweed decisively with minimal change of regrowth

Nic Seal, of Environet, said: ‘Those buying and selling property are legally required to declare if the property is or has been affected by Japanese knotweed, but if an infestation has been professionally excavated with an insurance-backed guarantee to satisfy mortgage lenders, it is possible to restore the property value to close to the original value.’

He added: ‘Herbicide treatment of knotweed has always been very popular due to the lower costs, but the message is getting through that it’s only a control method and won’t solve the problem definitively.

‘Buyers are much more wary of buying a property which still has knotweed rhizome beneath the ground as there’s no way of knowing whether it’s completely dead. There’s also an environmental cost to using chemicals, which is of growing concern.’

Environet explained that the excavation element can be carried out during the winter months, allowing for full use of gardens during the summer.

What mortgage lenders say about knotweed 

Mortgage broker SPF Private Clients, explained that those buying a property where Japanese knotweed is found may find it less of a deal breaker than in the past where the lender may have automatically declined a mortgage application.

SPF Private Clients’ Mark Harris, said: ‘Should Japanese knotweed be identified, there are four categorisations assessing its severity, with 1 being best-case scenario and 4 being worst-case. 

‘Depending on which silo the property falls into, and whether there is specialist eradication work either ongoing or planned, and insurance in place, lenders may be willing to consider the application.

‘Depending on the severity of the problem, lenders may tailor the amount they are prepared to lend, or not lend at all.’ 

While securing a mortgage on a property with knotweed can remain challenging, lenders confirmed that they are open to providing finance if a management plan is in place. 

A Nationwide Building Society spokesman said: ‘Our policy on Japanese Knotweed depends on how far the plant is from the property. If it is less than seven metres away from the property, we would request a specialist report about eradicating it before deciding whether we could lend. 

‘If the plant is more than seven metres away, we would need written confirmation from the borrower that they want to proceed with their mortgage application despite the presence of the plant. 

‘What may be required is assessed on a case by case basis. Where the valuer identifies the presence of Japanese Knotweed, they may advise that a specialist report is required with respect to eradicating the plant and, where applicable, to report on repairing the property. Any report for eradication of the plant should include an insurance-backed 5 year warranty against re-infestation.’ 

And spokesperson for Halifax explained: ‘The presence of Japanese Knotweed itself is not a barrier to lending. 

‘We will be guided by the surveyor’s, and any subsequent expert’s, report on the scale, location and effects of any presence on or around the property.’  

How were the figures calculated? 

Official figures from the ONS show there at 27.8million households in Britain.

Environet disregarded 20 per cent of households that are flats as these are less likely to be affected by knotweed. 

That produces a figure of 22,420,000 homes in Britain. 

Environet’s survey conducted with YouGov in 2021 revealed that around 4 per cent of homes are affected by knotweed, either directly – meaning that it grows on the property – or indirectly where a neighbouring property is affected. 

It means 889,600 homes are affected in total, according to Environet.

The average value of a property in Britain is £264,244, according to Land Registry’s figures for August. 

Environet claimed that Japanese knotweed reduces the value of a property by 5 per cent on average. This is based on its own anecdotal evidence of what a property is worth once a knotweed management plan is in place (ie the 5 per cent reflects the amount that a buyer might try to reduce an asking price by due to the stigma and risk of the knotweed returning after treatment or removal). 

The 5 per cent reduction translates into £13,212 being knocked off the average home.

As such, the total amount knocked off property values in Britain as a result of Japanese knotweed is therefore 889,600 households multiplied by £13,212, which is £11,753,395,200.

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Liverpool ONE welcomes Tessuti (GB)

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Grosvenor has announced that designer retailer, Tessuti, has opened its new global flagship store at Liverpool ONE, demonstrating the brand’s ongoing vote of confidence in the destination. The new location on Paradise Street follows Tessuti’s consistently strong performance at Liverpool ONE and spans two floors measuring 22,000ft². Boasting Tessuti’s biggest store to date, this is four times the size of the previous Liverpool ONE site. The store interiors have been styled with a subtle nod to classic Italian architecture whilst incorporating state-of-the-art technical features, combining classic design with an industrial-chic colour palette and cutting-edge digital screens. Working with local Liverpudlian digital and production agency Liquid, the new Tessuti store has exclusive instore stills and videos showcasing exciting campaigns; the first of which is rumoured to feature Liverpool stars Stephen Graham, Abbey Clancy, Miles Kane and Chelcee Grimes.

 

Aligning with Liverpool ONE’s community ethos, Tessuti’s new global flagship will also support the vibrant community in the heart of Liverpool, championing local businesses through collaborations, pop-ups, and in-store events.

 

Alison Clegg, Managing Director, Asset Management, Grosvenor, commented: “Tessuti’s commitment to Liverpool ONE, through its relocation within the destination and decision to make the new store its global flagship, strengthens our position as one of Europe’s leading retail and leisure destinations. The impressive growth trajectory of Tessuti within Liverpool is a great indication of the potential for success and expansion of other brands that join Liverpool ONE.”

 

Chris Rowan, Director of Brand & Customer Connection at Tessuti, added: “The opening of our global flagship at Liverpool ONE is a huge moment for us. Liverpool is an urban hub for international fashion retailers, so upsizing and relocating within the city’s leading retail and leisure destination was a natural next step. We feel confident that it is the ideal home for our flagship location, and are excited to offer Liverpool ONE’s visitors our most stylish project yet.”

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What you need to know about having a home swimming pool

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This summer, it’s not just sales of rosé wine and ice cream that have rocketed during the heatwave. Interest in swimming pools has also surged.

‘This sweltering summer has undoubtedly inspired people to install swimming pools,’ says Sallie Leslie-Golding of the Swimming Pool and Allied Trade Association (SPATA). 

‘There are now 270,000 in-ground pools in the UK, with about 65 per cent of them in the southern half of the country.’

There is something incredibly glamorous about a Hockney-blue pool. But how does the reality match up to the imagery?

Refreshing: Church House in Potterne, Wiltshire, is on sale for £1.95m. Interest in swimming pools has surged with the hot weather

Refreshing: Church House in Potterne, Wiltshire, is on sale for £1.95m. Interest in swimming pools has surged with the hot weather

‘It’s been wonderful to be able to take a swim at the end of a long day,’ says Felicity Cooper, 55, who in 2006 installed a 12m x 6m pool outside her country house in Potterne, near Devizes, Wiltshire. 

‘It has also been great for the children, Lily and Ryan, who learnt to swim here.’

Felicity stresses the importance of finding the right setting for a new pool. 

She ensured hers was west-facing to catch the evening sun; then she went to the trouble of digging out a mini-amphitheatre so that the displaced earth formed a windbreak around the pool itself.

‘The pool is the optimum distance from the house, being not so near that it detracts from the garden and not so far away that anyone in trouble would not be heard by those inside.

‘It is far from trees so few leaves blow into the water and, with the children in mind, it has a top quality safety cover. Felicity’s six-bedroom Jacobean stone house standing in 1.7 acres is for sale for £1.95 million.

Opinions vary as to whether an outdoor pool helps or hinders a house sale. Some think that the hassle of maintenance may be off-putting to buyers. However, the property buying agent, Jonathan Harington, disagrees.

‘I have had many clients come to me with a pool on their wishlist of luxuries,’ he says. ‘But I have never had anyone say they wouldn’t buy a house because of the pool. If they felt strongly they could easily fill it in anyway.’

Yet owning a swimming pool is an expensive hobby. An above-ground pool — like a giant paddling pool — costs from £1,500 to £15,000. These pools may not quite cut it in terms of glamour, but their lower water capacity means maintenance costs are more reasonable.

For those looking at a more substantial in-ground pool, one with a liner finish of PVC will cost about £75,000. A concrete pool, finished with mosaic tiles, marbled plaster or paint will be about £125,000.

Larger projects can easily cost hundreds of thousands of pounds. 

You may opt for an infinity pool — a pool designed with an edge that gives the illusion that the water is overflowing. 

Those who want to improve their fitness may have a counter current device installed; the equivalent of swimming on a treadmill.

Many pool owners are interested in sustainability and heating the pool with solar panels is popular, as are covers that help heat retention.

Maintaining an outdoor swimming pool is expensive. The cost of heating and chemicals has increased so buyers should budget for at least £8 to £10 a day, dependent on the weather, according to SPATA.

Anyone fancying a workout in their own home may be interested in Ivy Cottage, Grendon, Northamptonshire.

Outside, the four-bedroom cottage is a 10m x 5m pool neatly positioned in the north-west corner to catch the sun.

‘After swimming in the pool, you could go running, riding or cycling on the countless trails nearby,’ says Ian Denton, of Jackson Stops. ‘It’s a lifestyle amenity in your own garden.’ Ivy Cottage is for sale for £825,000.

On the market… splash out 

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Radisson launches new resort in Greece

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Radisson Hotel Group has launched its latest Greek resort in Skiathos. Skiathos, the westernmost of the Sporades islands, is known for its stunning coastline of more than 60 beaches with soft sand and clear blue waters, as well as sea caves, impressive rock formations, and hiking trails on the tree-covered hills along the north shore made famous as the location for the filming of Mamma Mia. The island’s Byzantine churches and monasteries, Venetian-style Bourtzi fortress, and Papadiamantis House with its typical architecture are important parts of the island’s rich history.

 

The resort’s 84 rooms and suites are decorated in a modern, minimalist style, and most of them offer views of the hotel pool or the sea. Private balconies or terraces are available in select rooms, and the resort’s biggest suites feature private whirlpools for ultimate privacy and relaxation. The resort is ideally suited for weddings with its own on-site orthodox chapel and versatile outdoor pool area that offers receptions with stunning views. The main all-day dining restaurant celebrates Greek and Mediterranean flavors on its lunch and dinner menus. The poolside bar offers breakfast treats and late-night snacks as well as a wide selection of drinks and an extensive wine list. For guests looking to keep up their fitness routine, a well-equipped gym is available.

 

“We are excited to offer our guests a fantastic resort experience on the beautiful island of Skiathos, as we continue to expand our Greek resort portfolio. Radisson Resort Plaza Skiathos allows guests to switch off and relax surrounded by stunning natural beauty,” said Yilmaz Yildirimlar, Area Senior Vice President at Radisson Hotel Group.

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