Scotland Housing Awards 2026

Read all the shortlisted entries into this award category, Excellence in the Private Rented Sector, at the Scotland Housing Awards (SHA) 2026 and find out who won the award on the night.

This award is open to all organisations operating in the private rented sector in Scotland. It is aimed at letting agents or landlords who strive to excel in the areas of customer service and innovation.

This award was sponsored by SafeDeposits Scotland.

Winning project name

Mid-Market Rent Fund (New Avenue Living)

Winning organisation

Thriving Investments

Statement of support  

New Avenue Living Scotland is transforming affordable housing delivery through an innovative investment model, bringing together institutional investors, government and housing sector expertise to tackle one of Scotland's most pressing challenges: the shortage of high-quality, affordable homes for essential workers. Launched in 2019, the £222.5 million fund has pioneered a unique approach that accelerates housing delivery, supports community sustainability and creates long-term social value. The fund delivers at mid-market rent, a c. 35% discount to market rent for its 2,400 customers.

New Avenue Living Scotland was created to address a significant gap in the housing market. Many essential workers are increasingly priced out of suitable homes near employment opportunities while remaining ineligible for social housing. Traditional affordable housing delivery models alone cannot meet the scale and pace of demand. Through an innovative forward-funding approach, New Avenue Living acquires and converts stalled market-sale developments into affordable rental homes, increasing supply and bringing homes to market more quickly.

The project’s innovation lies in its combination of social purpose and institutional investment, bringing together a diverse partnership including Strathclyde Pension Fund, Scottish National Investment Bank, Nationwide Pension Fund and Places for People Scotland (PfPS). This collaboration enables long-term investment into affordable housing while delivering stable returns linked to inflation, demonstrating that social impact and commercial sustainability can work hand in hand. The fund's place-based strategy focuses on locations within commuting distance of Scotland's major city centres, providing essential workers with affordable homes near employment, services and transport links. Aimed at low and middle income households (customers have an average income of £23,000), homes are let at below market rents through Mid-Market Rent and rent tenure models. This reduces housing costs for customers while improving financial security and quality of life.

The impact on communities has been substantial. Across 12 developments on Scotland’s central belt, the fund operates 1,047 homes, with a further 144 under construction. These homes provide secure, high-quality housing for people who might otherwise struggle to live in high-demand areas. Customers can remain in the communities they know and love but would otherwise be priced out of. One customer from Seacole Square, Edinburgh, echoed this: “I belong to the Craigmillar area and when I saw these flats being built, I thought this would be the perfect place to stay…everything is on your doorstep.”

By creating new housing opportunities close to jobs and services, the project supports economic participation, strengthens local communities and helps employers attract and retain essential workers. This helps to maintain economic diversity, preventing lower and middle-income households being displaced from areas experiencing growth and regeneration.

Sustainability has been embedded into the project from the outset. The fund delivers high-quality, sustainable and energy-efficient homes, all built to an EPC-B rating. This helps customers reduce energy consumption and household bills while supporting wider environmental objectives. All homes have also been developed on brownfield land, protecting urban green spaces. This commitment to measurable impact has been recognised through the award of the Financial Conduct Authority's Sustainability Impact label, reflecting the project’s positive social and environmental contribution through provision of affordable, energy-efficient housing.

This project demonstrates innovation in housing by finding new ways to mobilise investment, accelerate delivery and create lasting social impact. Combining institutional capital, government support and housing expertise, the fund has created a scalable and sustainable model capable of delivering more than 1,000 affordable homes while generating tangible benefits for customers, communities and investors alike. Through its pioneering approach, proven outcomes and strong sustainability credentials, New Avenue Living Scotland is making a real difference to people's lives and setting a new benchmark for innovative affordable housing delivery. 

Outcomes and achievements  

The New Avenue Living Fund has delivered significant benefits for customers, communities and the wider Scottish economy. By providing affordable, high-quality homes for essential workers, it enables residents to live close to employment, services and transport links while supporting the long-term sustainability of local economies. The fund has generated £68.3 million in resident income, with £56.1 million of disposable income spent in local retail and leisure economies, helping key workers remain within the communities they serve. Community investment has been integral to the fund's success. At Oxgangs Green, Edinburgh, PfPS secured a £2,000 donation for local social enterprise Best Bib ‘n’ Tucker, funding a six-month eco-crafting project for young people. In Glasgow's Royston Road community, PfPS awarded £1,500 to the North Glasgow Community Initiative and is co-hosting a community volunteering day to encourage local people to take ownership of communal and green spaces, strengthen community bonds and promote environmental stewardship.

The fund has also supported approximately 2,090 full-time equivalent construction jobs and generated £500 million of investment in Scotland's construction sector. By combining innovative funding, measurable social impact and environmental sustainability, New Avenue Living provides a scalable model for delivering affordable homes and creating thriving communities. 

Shortlisted entries