52HX Guin.ptnr 91/8%

RNS No 7669a
NORTHERN COUNTIES HOUSING ASSOCIATION LIMITED
11th June 1998


                          Issue of #30,000,000 
          Third Tranche of Guaranteed Secured New Stock 2025

Northern Counties Housing Association Limited ("NCHA") announces that it has 
today issued by way of placing a further #30,000,000 9 1/8% Guaranteed Secured
Stock 2025 (the "NewStock") which will be consolidated with the existing
#80 million Stock (the "Original Stock") to form a single issue of #110 million
(together the "Stock").  

The New Stock is unconditionally and irrevocably guaranteed as to Scheduled
Payments of principal and interest pursuant to the terms of a Financial Guaranty
Insurance Policy issued by Financial Security Assurance (U.K.) Limited.  The New
Stock is expected, on the basis of the issue of the Policy, to be assigned on
issue an AAA rating by Standard & Poor's Ratings Services ("S&P") and an Aaa
rating by Moody's Investors Service, Inc. ("Moody's").  At the same time S&P and
Moody's are expected to confirm that the Original Stock has AAA and Aaa ratings
respectively.  In each case, this is the highest rating assigned by S&P and
Moody's.  Such ratings will be based solely on the claims paying ability of
Financial Security Assurance (U.K.) Limited.  

Dresdner Bank AG London Branch has arranged the issue, and also acted as manager
and underwriter.  Kleinwort Benson Limited acted as listing agent. The gross
redemption yield on the New Stock will be fixed at 11.00 this morning at a
margin of 0.80% over the semi-annual yield of the Treasury 8% 2021 Stock. The
price of the New Stock will be determined from the gross redemption yield and
will include accrued interest from but excluding 31 January 1998 to and
including 22 June 1998 of #3.579 per #100 of Stock.  

The New Stock is payable in full on 22 June 1998.  Interest on the New Stock is
payable on 31 January and 31 July in each year and the next interest payment
will be made on 31 July 1998 and will be #4.5625 per #100 nominal of New Stock.
The Stock will be redeemed in full on 31 January 2025.  Application will be made
for the admission of the New Stock to the Official List of the London Stock
Exchange and dealings are expected to commence on 23 June 1998.  

In connection with the issue of the Stock, Kleinwort Benson may over-allot or
effect transactions of the London Stock Exchange which stabilise or maintain the
market price of the Stock at levels which might not otherwise prevail.  Such
stabilising, if commenced, may be discontinued at any time.

Enquiries to                    Contact                  Tel No

NCHA                            Ken Irvine               0161 228 3388
                                Heather Grossman
                                Andy Mackay 

FSA                             Chris Wrenn              0171 796 4646

Kleinwort Benson Limited        Graham Beazley-Long      0171 475 5902

Notes to Editors

1. NCHA is the tenth largest housing association group in the UK with more than
   18,000 homes under management in 60 Local Authorities located mainly in
   Northern England.

2. This is the third tranche of an existing #80 million Guaranteed Secured Stock
   first issued in January 1995.

END

MSCAAAKKWNKNARR

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