Thriving Investments has committed £36 million to build 121 new homes for single family rent across three locations. This is the latest announcement from Picture Living, their UK wide PRS strategy, which underpins their commitment to addressing the UK’s growing housing shortage, as latest research reveals that for every new rental property launched to market receives at least 12 competing offers.
Picture Living has specifically targeted areas facing the most acute rental demand, focusing on the pressing need for high-quality, sustainable single family rental homes. In 2024, their research with PriceHubble identified a critical shortage of rental properties across the UK, further underscoring the importance of solutions like these.
Port Loop, Birmingham
In Birmingham, Picture Living will invest in the award-winning Port Loop development, a joint venture between Places for People and Urban Splash. A total of 43 new homes will be built in this vibrant, canal-side community, with the first properties available for rent in Autumn 2025. Prospective tenants can join the bustling community with their pick of three- or four-bedroom homes designed to reduce running costs by using latest technologies.
The fourth phase of Port Loop builds on the vision to create a vibrant, liveable neighbourhood with a strong sense of community and access to nature. Located just a 15-minute walk from Birmingham city centre, the island community offers a wealth of community activities and green spaces, making it an ideal environment for families.
This acquisition complements a scheme of 38 two- and three-bedroom homes recently acquired on the outskirts of Birmingham, in Sutton Coldfield.
Bishops Walk, Durham
Further north, and in partnership with Miller Homes, Picture Living is funding the build of 40 new homes at Bishops Walk, situated on the outskirts of Durham city centre. This development offers prospective tenants an exceptional range of shops, services and easy access to natural surroundings. Within a 30-minute walk to the centre of one of the UK’s most historical cities, these homes are built to Miller Homes' high standards, featuring bright and airy layouts to support modern-day living.
Each home boasts off-street parking, air-source heat pumps, and excellent energy efficiency credentials to keep running costs low.
Thriving Investments' pioneering approach is bringing significant private capital to tackle the UK’s housing shortage and support the creation of much-needed rental homes. Picture Living’ mandate is clear: to invest in high-quality, sustainable homes for rent, catering to families across the UK, as it continues to seek new opportunities.
James Nicholls, Investment Manager, Thriving Investments, commented: “The UK aims to deliver 1.5 million new homes by 2029; to achieve this goal, we must shift how we approach housing development. Our Picture Living strategy is a prime example of how private capital can make a real difference. By working with developers and communities, we can ensure that new homes meet the needs of local people while supporting the growth of a sustainable rental market.
“The investment from our funder in 2024 has been instrumental in allowing us to deploy the capital to deliver these homes where they are needed most. We are excited to be partnering with our parent company, Places for People, and Miller Homes to build homes that are not just sustainable but also safe, connected, and will last for generations to come.”
Nilam Buchanan, Regional Managing Director for Developments Central and North at Places for People, commented: “Port Loop is a flagship development for us, embodying our commitment to creating, maintaining and supporting thriving communities. This urban regeneration project brings together modern-day living with traditional community values. Our unique model at Places for People means we can adapt our housing tenures to meet market needs and conditions. It's great to work with Thriving Investments to expand the range of properties available to the people of Birmingham.”
Josh Bedford, Group Partnerships Manager, Miller Homes added: “We’re proud to be delivering 40 high quality, single family homes for the private rented sector in Durham in partnership with Picture Living. With the homes benefiting from air source heat pumps, this deal reflects Miller’s ambition to broaden housing choice across our communities, support Picture Living’s continued success in the sector, and advance our transition to lower carbon living. We see this as the beginning of a strong, long-term relationship and hope it paves the way for many more opportunities to work together”