NORTHWOOD, the property management company which specialises in guaranteed rental income, has opened an office in Micklegate, York.

The choice of York underlines the buoyancy of the buy-to-let market in the city and it is one of 11 new franchise branches to be opened by Northwood throughout the country over the next three months.

The firm has grown massively on its offer called the Platinum Guaranteed Rental Income Scheme which guarantees landlords of residential properties a fixed amount for a 12-month period.

This is paid monthly to the landlord, even if the property is empty or if the tenant stops paying the rent.

Phil Kershaw, the York office franchisee, said: "We chose York rather than Leeds because the residential lettings market here is very buoyant."

His company's service was not aimed at the professional landlord; rather the owner of one or two properties for let, he said.

Northwood, naturally, has to narrow the risk and this was done through careful choices of property and careful choices of tenants. York, he said, had many good properties from two- and three-bedroom town and terraced houses to semis and riverside apartments.

Northwood's founder, Andy Goodson has used this formula to expand his empire with its headquarters in Southampton and other outlets in Portsmouth, Milton Keynes, Romford, Northampton, north and south Manchester, Middlesbrough, Chester, Cardiff, Leicester, Glasgow, Bristol, Cheltenham, Nottingham, Swindon, Fareham and Worcester.

Updated: 09:52 Tuesday, October 28, 2003