Product category:
Building Energy Efficiency and Sustainability
News Release from: Ecology Building Society
Edited by the Buildingtalk Editorial
Team on 18 March 2008
Rise in green living in the UK
Ecology's record annual results point to rise in green living in the UK.
Ecology Building Society's green and mutual approach banishes "credit crunch" blues As providers of the UK's first green mortgages, and funded by the savings of its ethically minded members, Ecology Building Society is delighted to report exceptional results for 2007
This article was originally published on Buildingtalk on 27 Jul 2005 at 8.00am (UK)
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The Society's green lending effectively doubled in 2007 compared to 2006, and all this in the face of a turbulent market for lenders.
Gross lending for 2007 was GBP15m (GBP7.7m in 2006), with net lending of GBP9.7m (GBP3.3m in 2006).
This resulted in mortgage asset growth of 17.1%.
Ecology's ethical savings balances also grew in 2007 with a percentage increase of 10.1% on 2006, which took the total savings balance to GBP69.4 m, perhaps indicative of the concerns of savers in the UK, keen to find an ethical and secure provider of deposit accounts and Cash ISAs.
Ecology specialises in lending on properties that benefit the environment.
It will only lend on new or existing eco homes including self-builds, energy saving improvements to existing homes and properties that require substantial renovation or conversion, which it sees as a form of recycling.
Ecology's Chief Executive, Paul Ellis is thrilled with the year's results and comments; 'We have had an exceptional year - lending is up, inflow is up and profits are up! Not only are we doing well financially, but the ecological quality of our lending continues to be strong.
We will be announcing a new suite of discounts to support buyers of accredited sustainable homes very shortly, which will offer borrowers significant rate savings for the life of their mortgage on the whole of their mortgage.
This will only help support and increase our plans for sustained growth in 2008 and seeks to acknowledge the progress being made in accrediting well built, energy efficient new homes and to reward buyers when making an informed choice.'.
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