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Homeowners Are Rare Holdout in Europe’s Rush for Green Debt

  • Banks are pushing green mortgages that offer lower rates
  • Cost of property improvements means take-up remains low
Spain's $6 Trillion Home Market Faces Second Crash In Decade
Photographer: Paul Hanna/Bloomberg

When Jonathan Williams was looking to buy his first flat in London this year, his priorities were a garden, two bedrooms and train connections. Energy efficiency wasn’t among them, and the cost of improvements to lower his borrowing costs through a green mortgage was too much.

“It would take 100 years to pay off that investment -- that just shows that a green mortgage is not really an option,” said Williams, a 33-year old working in the transport industry. “If this was a choice between buying an electric car and a petrol one, you would go for the electric car. But with mortgages it is not as simple.”