The RICS has published a new guidance note (effective from March 2022) to replace the RICS information paper Japanese Knotweed and residential property, 2012.
The purpose of this updated document is to address both the findings and provide guidance based on market informed industry best practice, the most recent research about a more holistic assessment of Japanese knotweed, to ensure RICS members provide the best advice to users of valuation and condition reports.
This document contains a decision tree based on risk level to help valuers determine the appropriate management approach needed for Japanese Knotweed. The new process still delivers a straightforward and objective categorisation of Japanese Knotweed infestations because this provides the clarity that is essential for lenders and which will continue to ensure confidence and trust among the wider stakeholders.
The Property Care Association has also published a guidance note to support the new RICS guidance and to help property valuers and surveyors understand:
- How to recognise the presence of Japanese Knotweed
- the challenges of detecting & identifying Japanese knotweed;
- the benefits of long-term guarantees underwritten by appropriate insurance.