Partner Article

Skipton Building Society celebrates strong financial performance and commitment to first time buyers as members choose new charity partner

Yesterday afternoon, Skipton’s Chair, Gwyn Burr, oversaw the 172-year-old building society’s Annual General Meeting (AGM), taking place at the Society’s head office in Skipton together with members across the UK joining in person and via livestream. Members voted overwhelmingly in favour of all resolutions, including the re-election of the Chair and seven Board members, and the election of one new member to the Board. 

At the meeting, members also voted for domestic abuse charity Refuge to be Skipton’s new charity partner for the next three years. In doing so, Refuge will receive over £1.9m. Refuge provides life-saving support to survivors of domestic abuse and their children, so they can help rebuild their lives free from fear.  With Skipton’s funding, for the first time ever Refuge will be able to offer free economic abuse support nationally. This means over 120,000 survivors of domestic abuse will soon have access to one-to-one specialist help to help them rebuild their lives and their financial freedom.

Opening the AGM Gwyn Burr shared her reflections about the Skipton’s progress in 2024, and Group Chief Executive, Stuart Haire, gave an overview of the year and the Society’s purpose – to help more people have a home, save for life ahead and support long-term financial wellbeing. Group Chief Financial Officer, Paul Chambers, provided members with a summary of the Society’s 2024 financial performance. 

Speaking at the meeting, Skipton’s Chair, Gwyn Burr, said: “Our Group is built on a strong foundation of businesses that compliment and reinforce one another. Skipton Building Society helped over 41,000 customers secure a mortgage in 2024, including more than 20,000 first-time buyers. Beyond home ownership our Lifetime ISA offering grew, assisting nearly 14,000 young people in saving for their first home or retirement, providing financial security and opportunities for the future. And we held over 39,000 advice conversations to help our members navigate their financial future.” 

“Earlier this month, we hosted a reception in the Houses of Parliament, bringing together senior leaders from across the political and housing eco-system to share stark findings from the Skipton Group Home Affordability Index. The recent stamp duty reforms have made a challenging situation even more difficult so we’re continually exploring how we can make home ownership a reality for more people.”

Skipton Group Chief Executive Stuart Haire said: “2024 was a strong year for Skipton, and there’s a great deal to be proud of. Throughout the year, we remained steadfast in our commitment to supporting our members and helping more first-time buyers onto the property ladder.

“Sustainability is also at the heart of our agenda. We are taking meaningful steps, including supporting the decarbonisation of housing in the UK, reducing our own emissions and we’ve recently finished a retrofit housing project in Skipton to learn and apply real-world solutions to the challenge of sustainable living.

“As we move forward, our focus and purpose remain clear – continuing to help people own homes, save for their future, and build financial resilience. We were, after all, founded on fairness. With affordability challenges not dissipating and one in three people in the UK having no savings our role is more vital than ever. By leveraging the strengths of our entire Group, we are positioning ourselves to be more innovative, more efficient, and more impactful in the years ahead.”

In February Skipton shared its 2024 annual results, maintaining a strong financial performance – including Group profit before tax of £318.6m and demonstrating financial resilience while investing in things that matter most to members. 

The Society grew its market share in both mortgage and savings with saving members getting £197m more in interest than if they had taken the market average savings rate.

Having announced a commitment to donate 1% of future Group profits to charities aligned with our values and purpose, in 2024 Skipton also made charitable donations of £3.3m. 

 

This was posted in Bdaily's Members' News section by Nina Walton .