RNS Number:0626Q
ISIS Asset Management PLC
23 September 2003

                                                      FORM SAR 5


                                     Date of disclosure.... 23rd September 2003

             DISCLOSURE UNDER NOTE 3 OF RULE 5 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

                 
Date of sale....... 22nd September 2003

Sale of.........Telford Homes .....(name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares sold          sold, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

    Ordinary Shares 10p           60,000......shares    .....................
                              ...N/A..........rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

    3,766,667......(     %)   ...............(    %)      14.96 ......(    %)


(3) Party making disclosure...... ISIS ASSET MANAGEMENT  

(4)  (a)  Name of person selling shares or rights over shares ..............
          and, if different, beneficial owner............................... 

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)............................


Signed, for and on behalf of the party named in (3) above...................

(Also print name of signatory)........ DOUGLAS STEWART

Telephone and extension number... PLEASE CONTACT LYNN EDGAR FOR ANY
                                  QUERIES ON 0131 465 1081

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, 
Tel. No: 020 7382 9026.







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