P Lab Houses – Compensation for Tainted Properties

February 17, 2014

Gordon Edginton, a Director at Prendos, comments on the need for compensation for homeowners whose houses have been contaminated by methamphetamine, as hundreds of millions of dollars could have been wiped off the value of residential properties used as P labs.

A leading property firm is setting up a team to fight for compensation over houses that have been contaminated by methamphetamine.

National valuation company Prendos was first to highlight the leaky homes crisis in the mid-1990s. It now says that hundreds of millions of dollars could have been wiped off the value of residential properties used as P labs.

Prendos director Gordon Edginton said the firm had set up a specialist section for people who have lost money on a meth-contaminated home, after noting a sharp increase in the number of people seeking help and advice.

“It is believed that in the past 15 years up to 20,000 properties in the Auckland region alone could be affected,” Edginton said. “That would equate to about $600 million being lost as these properties become stigmatised.

Click here to visit the New Zealand Herald website to read the full article

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